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This is an obsolete version of the rule. Please click on the rule number to view the current version.

2.59.1415    REQUIRED RECORD KEEPING

(1) Each licensee shall keep the following records, accounts, and books for a minimum of 24 months from the date the loan agreement was signed by the borrower, or longer if required by federal law:

(a) all loan documents signed by or given to the borrower;

(b) all loan application documents;

(c) all records of payments made by the borrower, including the date and amount of the payment;

(d) account files detailing the application of borrower payments to interest, principal, and other fees;

(e) account files recording the accrual of interest updated every 30 days;

(f) copies of loan renewal agreements and disclosures;

(g) copies of paid loan agreements;

(h) invoices for repossession, towing, and storage of titled personal property;

(i) an accurate statement or photograph that documents the condition of the titled personal property after repossession but before sale; and

(j) the bill of sale of repossessed titled personal property.

History: 31-1-802, MCA; IMP, 31-1-815, 31-1-821, MCA; NEW, 2008 MAR p. 1571, Eff. 8/1/08.

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