LICENSE HOLDER'S RECORDS; DOCUMENT RETENTION REQUIREMENTS

(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.