§ 5-2-304 — Records - annual reports - proof of financial responsibility

Colorado § 5-2-304

• Jurisdiction: Colorado
• Title 05: Consumer
• Art.: Finance Charges and Related Provisions

Text

(1)
Every licensee shall maintain records in conformity with this code, rules adopted
thereunder, and generally accepted accounting principles and practices in a
manner that will enable the administrator to determine whether the licensee is
complying with the provisions of this code. The record-keeping system of a licensee
shall be sufficient if the licensee makes the required information reasonably
available. The records need not be kept in the place of business where supervised
loans are made if the administrator is given free access to the records wherever
located. The records pertaining to any loan need not be preserved for more than
four years after making the final entry relating to the loan, but, in the case of a
revolving loan account, the four years is measured from the date of each entry.

(2) On or before June 1 of each year, every licensee shall file with the
administrator an annual report in the form prescribed by the administrator relating
to all supervised loans made by the licensee, which report shall also demonstrate
satisfactory proof of the licensee's financial responsibility. At all other times, the
licensee shall maintain satisfactory proof of financial responsibility. The
administrator shall consult with comparable officials in other states for the purpose
of making the kinds of information required in annual reports uniform among the
states. Information contained in annual reports shall be confidential and may be
published only in composite form. The administrator may, by rule, determine the
types and amounts of financial responsibility deemed to be satisfactory.

(3) If a licensee fails to file the annual report or proof of financial
responsibility by July 1, the administrator may impose a penalty of five dollars per
day from July 2 to the date the filing is postmarked. However, if a licensee fails to
file and pay the appropriate penalty by July 15, or, at all other times, fails to provide
satisfactory proof of financial responsibility within thirty days after receiving notice
from the administrator, its license shall automatically expire.

Legislative History

Source: L. 2000: Entire article R&RE, p. 1211, � 1, effective July 1. L. 2003: (2) and (3) amended, p. 1893, � 4, effective July 1.