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Texas Statutes (Last Updated: January 4, 2014) |
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FINANCE CODE |
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Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS |
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Subtitle B. LOANS AND FINANCED TRANSACTIONS |
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Chapter 348. MOTOR VEHICLE INSTALLMENT SALES |
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Subchapter F. LICENSING; ADMINISTRATION OF CHAPTER |
Sec. 348.517. LICENSE HOLDER'S RECORDS; DOCUMENT RETENTION REQUIREMENTS
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(a) A license holder shall maintain a record of each retail installment transaction made under this chapter as is necessary to enable the commissioner to determine whether the license holder is complying with this chapter.
(b) A license holder shall keep the record until the later of:
(1) the fourth anniversary of the date of the retail installment transaction; or
(2) the second anniversary of the date on which the final entry is made in the record.
(c) A record described by Subsection (a) must be prepared in accordance with accepted accounting practices.
(d) The commissioner shall accept a license holder's system of records if the system discloses the information reasonably required under Subsection (a).
(e) A license holder shall keep each obligation signed by a retail buyer at an office in this state designated by the license holder unless the obligation is transferred under an agreement that gives the commissioner access to the obligation.