§ 40-23-111 — Examinations and investigations

(a) The commissioner may conduct examinations of any
licensee under this act at intervals he deems necessary to
determine compliance with this act and other applicable laws,
rules and regulations.
(b) The commissioner may at any time investigate the loans
or business books and records of any licensee or person engaged
in mortgage lending or mortgage brokering activities for the
purpose of determining compliance with this act or securing
information required under this act. For these purposes, the
commissioner shall have free and reasonable access to the
offices, places of business, books and records of the licensee.
(c) If a licensee's or person's records are located
outside this state, the licensee or person shall have the option
to make them available to the commissioner at a convenient
location within this state, or pay the reasonable and necessary
expenses for the commissioner or his representative to examine
them at the place where they are maintained. The commissioner
may designate representatives, including comparable officials of
the state in which the records are located, to inspect them on
his behalf.
(d) Each licensee or person subject to examination or
investigation under this act shall pay to the commissioner an
amount assessed by the commissioner to cover the direct and
indirect cost of examinations or investigations conducted
pursuant to this section not to exceed one hundred dollars
($100.00) per hour.