Section 170.40  Minimum Requirements for Office Records

a)         Every licensee shall keep the following records at the licensed location in any medium or format, including electronic, that accurately reproduces original documents, records, or papers:

1)         Register of all consumer legal fundings.

2)         Individual account records.

3)         File of all original papers.

4)         Cash book if the licensee uses cash.

5)         Alphabetical record of all consumers entering consumer legal fundings.

b)         Records for fundings made under the Act shall be kept separate or readily identifiable from other types of business conducted in the office.

c)         A licensee shall maintain a ledger of all commissions, referral fees, rebates, or any other forms of consideration paid to the licensee by any person or entity other than charges received from a consumer.

d)         A licensee shall maintain a ledger of all commissions, referral fees, rebates, or any other forms of consideration paid to another person or entity other than its own employees or profits distributed to owners.

e)         Electronic data processing, combination forms and special office systems may be used if in accordance with standard accounting procedures and if they contain the information enumerated in subsection (a).