(a) Each licensee shall maintain and preserve complete and adequate business records including a general ledger containing all assets, liabilities, capital, income and expense accounts for a period of five years.

(b) Each licensee shall maintain and preserve complete and adequate records of each debt management services agreement during the term of the agreement and for a period of five years from the date of cancellation or completion of the agreement with each consumer. Such records shall contain all consumer information including, but not limited to, the debt management services agreement and any extensions thereto, payments, disbursements, charges and correspondence.

(c) If the licensee’s records are located outside this state, the licensee shall provide the records to the commissioner within three calendar days or, at the commissioner‘s discretion, pay reasonable and necessary expenses for the commissioner or commissioner’s designee to examine them at the place where they are maintained.