(1)The director may conduct an examination or investigation of a licensee or authorized delegate or otherwise take independent action authorized by this chapter or by a rule adopted or order issued under this chapter as reasonably necessary or appropriate to administer and enforce this chapter, regulations implementing this chapter, and other applicable law, including the Bank Secrecy Act and other federal and state laws pertaining to money laundering. The director may:
(a)Conduct an examination either on-site or off-site as the director may reasonably require;
(b)Conduct an examination in conjunction with an examination conducted by representatives of other state agencies or agencies of another state or the federal government;
(c)Accept the examination report of another st
Free access — add to your briefcase to read the full text and ask questions with AI
(1) The director may conduct an examination or investigation of a licensee or authorized delegate or otherwise take independent action authorized by this chapter or by a rule adopted or order issued under this chapter as reasonably necessary or appropriate to administer and enforce this chapter, regulations implementing this chapter, and other applicable law, including the Bank Secrecy Act and other federal and state laws pertaining to money laundering. The director may: (a) Conduct an examination either on-site or off-site as the director may reasonably require; (b) Conduct an examination in conjunction with an examination conducted by representatives of other state agencies or agencies of another state or the federal government; (c) Accept the examination report of another state agency or an agency of another state or the federal government, or a report prepared by an independent accounting firm, which on being accepted is considered for all purposes as an official report of the director; and (d) Summon and examine under oath a key individual or employee of a licensee or authorized delegate and require the person to produce records regarding any matter related to the condition and business of the licensee or authorized delegate. (2) A licensee or authorized delegate must provide, and the director must have full and complete access to, all records the director may reasonably require to conduct a complete examination. The records must be provided at the location and in the format specified by the director, provided the director may utilize multistate record production standards and examination procedures when such standards will reasonably achieve the requirements of this section. (3) Unless otherwise directed by the director, a licensee must pay all costs reasonably incurred in connection with an examination of the licensee or the licensee's authorized delegates.