Ohio Administrative Code
Title 1301:8 - Division of Financial Institutions: Consumer Finance
Chapter 1301:8-4 - Finance Companies
Section 1301:8-4-03 - Record keeping requirements
Current through all regulations passed and filed through December 16, 2024
(A) In connection with section 1321.76 of the Revised Code, each active licensee shall maintain required records for all premium finance agreements made pursuant to sections 1321.71 to 1321.83 of the Revised Code at either the licensed office or any other location approved in writing by the division of financial institutions.
(B) Required records shall be maintained current and shall be available at regular business hours and promptly upon demand for review by the division. The required records shall be maintained for at least two years from the final entry date on the loan account. For purposes of recordkeeping, "current" means within thirty days from the date of the occurrence of the event required to be recorded. Required records include:
(C) Other methods of recording data, keeping records and keeping books, such as electronic or computerized methods, may be used in lieu of the methods described in this rule, provided written printouts or hard copies of the required data are readily available at each licensed location in a form approved, in advance, by the division.
(D) In order to reduce the risk of consumer fraud and related harms, including identity theft, licensees shall be required to comply with section 216 of the "Fair and Accurate Credit Transactions Act of 2003," 117 Stat. 1952 (amended 2010), 15 U.S.C. 1681 w as in effect on April 1, 2014, section 501 of the "Gramm-Leach-Bliley Act," 113 Stat. 1338 (1999) (amended 2010), 15 U.S.C. 6801 as in effect on April 1, 2014, and the rules promulgated pursuant to those federal acts, including 16 C.F.R. Part 314 and 16 C.F.R. Part 682, as in effect on April 1, 2014, pertaining to the maintenance, security, and disposal of consumer information and records.
(E) Before ceasing to conduct or discontinuing business as a licensee, the licensee shall arrange for and be responsible for the preservation of the books and records required to be maintained and preserved under this rule for the remainder of the period specified by law or in this rule, and shall notify the division in writing of the exact address where the books and records will be maintained during the required period.
(F) The division of financial institutions may suspend, revoke, or refuse to renew any license issued by the division or bring any other authorized administrative enforcement action against any person for failure to maintain records in accordance with section 1321.76 of the Revised Code or this rule.
Effective: 2/13/2015
Five Year
Review (FYR) Dates: 11/28/2014 and
02/13/2020
Promulgated
Under: 119.03
Statutory Authority: 1321.77
Rule
Amplifies: 1321.76
Prior Effective Dates: 12/1/79, 7/10/95, 6/3/04,
08/01/09