537.2304 Records — annual reports. 1. Every licensee shall maintain records in conformity with generally accepted accounting principles and practices in a manner that will enable the licensing authority to determinewhether the licensee is complying with the provisions of law. The recordkeeping system ofa licensee is 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, ifthe licensing authority is given free access to the records wherever located. 2. On or before April 15 each year every licensee shall file with the licensing authority a composite annual report in the form prescribed by that authority relating to all supervisedloans made by the licensee. The licensing authority shall consult with comparable officialsin other states for the purpose of making the kinds of information required in annual reportsuniform among the states. Information contained in annual reports shall be confidential andmay be published only in composite form. The licensing authority shall assess against alicensee who fails to file the prescribed report on or before April 15 a penalty of ten shall be confidential andmay be published only in composite form. The licensing authority shall assess against alicensee who fails to file the prescribed report on or before April 15 a penalty of ten dollarsfor each day the report is overdue, up to a maximum of thirty days. When an annual reportis overdue for more than thirty days, the licensing authority may institute proceedings undersection 537.2303 for revocation of the licenses held by the licensee. [C75, 77, 79, 81, §537.2304] Sat Dec 23 01:39:58 2023 Iowa Code 2024, Section 537.2304 (18, 0)
Iowa Legal Code