Code of Massachusetts Regulations
209 CMR - DIVISION OF BANKS AND LOAN AGENCIES
Title 209 CMR 48.00 - Licensee Record Keeping
Section 48.05 - Format of Books and Records

Universal Citation: 209 MA Code of Regs 209.48

Current through Register 1531, September 27, 2024

(1) You must keep books, records, and accounts in a manner that will allow the Commissioner to determine if you are in compliance with applicable State and federal laws and regulations.

(2) You may store books, records, and accounts as electronic records. You must make all electronic records accessible for examination through equipment available to the Commissioner or the Commissioner's designees in compliance with applicable law. If there is no equipment available to conduct the examination, you must procure and make available such equipment, at your own expense. Prior to maintaining your books, records, and accounts electronically, you must indicate in NMLS how your books, records, and accounts will be stored, including the name of the system utilized, and how such electronic records will be made accessible to the Commissioner or the Commissioner's designees for the purpose of an examination.

(3) You must secure all books, records, and accounts against unauthorized access and damage.

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