(a) An authorized lender shall maintain a record of each loan made under this chapter as is necessary to enable the commissioner to determine whether the lender is complying with this chapter.
(b) An authorized lender shall keep the record, make it available in this state, or, if the lender makes, transacts, or negotiates loans principally by mail, keep the record or make it available at the lender’s principal place of business, until the later of:
(1) the fourth anniversary of the date of the loan; or
(2) the second anniversary of the date on which the final entry is made in the record.

Terms Used In Texas Finance Code 342.558

  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005

(c) A record described by Subsection (a) must be prepared in accordance with accepted accounting practices.
(d) The commissioner shall accept a lender’s system of records if the system discloses the information reasonably required under Subsection (a).
(e) An authorized lender shall keep each obligation signed by a borrower at an office in this state designated by the lender unless the obligation is transferred under an agreement that gives the commissioner access to the obligation.

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