Nevada Revised Statutes 675.250 – Books and accounting records: Practices; preservation; requirements regarding office or other place of business located outside State
1. Each licensee shall keep and use in his or her business such books and accounting records as are in accord with sound and accepted accounting practices.
Terms Used In Nevada Revised Statutes 675.250
- Amount of cash advance: means the amount of cash or its equivalent actually received by a borrower or paid out at his or her direction or on his or her behalf. See Nevada Revised Statutes 675.020
- Commissioner: means the Commissioner of Financial Institutions. See Nevada Revised Statutes 675.020
- Licensee: means a person to whom one or more licenses have been issued. See Nevada Revised Statutes 675.020
2. Each licensee shall maintain a separate record or ledger card for the account of each borrower and shall set forth separately the amount of cash advance and the total amount of interest and charges, but such a record may set forth precomputed declining balances based on the scheduled payments, without a separation of principal and charges.
3. Each licensee shall preserve all such books and accounting records for at least 2 years after making the final entry therein.
4. Each licensee who operates outside this state an office or other place of business that is licensed pursuant to this chapter shall:
(a) Make available at a location within this state the books, accounts, papers, records and files of the office or place of business located outside this state to the Commissioner or a representative of the Commissioner; or
(b) Pay the reasonable expenses for travel, meals and lodging of the Commissioner or a representative of the Commissioner incurred during any investigation or examination made at the office or place of business located outside this state. The licensee must be allowed to choose between paragraph (a) or (b) in complying with the provisions of this subsection.