                                 CODE OF VIRGINIA

RETENTION OF BOOKS, ACCOUNTS, AND RECORDS; RESPONDING TO BUREAU (§ 6.2-2008)

A. Every licensee shall maintain in its licensed offices such books, accounts,
and records as the Commission may reasonably require in order to determine
whether the licensee is complying with the provisions of this chapter and
regulations adopted thereunder. Such books, accounts, and records shall be
maintained apart and separate from any other business in which the licensee is
involved. Such records relating to DMPs shall be retained for at least three
years after the DMPs are terminated. To safeguard the privacy of consumers,
records containing personal financial information shall be shredded,
incinerated, or otherwise disposed of in a secure manner. Licensees may arrange
for the shredding, incineration, or other disposal of the records from a
business record destruction vendor.

B. When the Bureau requests a written response, books, records, documentation,
or other information from a licensee in connection with the Bureau&#8217;s
investigation, enforcement, or examination of compliance with applicable laws,
the licensee shall deliver a written response as well as any requested books,
records, documentation, or information within the time period specified in the
Bureau&#8217;s request. If no time period is specified, a written response as
well as any requested books, records, documentation, or information shall be
delivered by the licensee to the Bureau not later than 30 days from the date of
such request. In determining the specified time period for responding to the
Bureau and when considering a request for an extension of time to respond, the
Bureau shall take into consideration the volume and complexity of the requested
written response, books, records, documentation, or information and such other
factors as the Bureau determines to be relevant under the circumstances.

HISTORY: 2004, c. 790, § 6.1-363.10; 2010, c. 794.