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HomeFinancial Code[DIVISION 10. CON...Ch. 1Art. 3§ 23024 Licensee Recordkeeping Requirements

§ 23024 Licensee Recordkeeping Requirements

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 23024 Licensee Recordkeeping Requirements

Key Takeaways

  • •Businesses must keep clear records of all transactions to show they follow the rules.
  • •These records must be kept for at least two years after the last transaction.
  • •The boss (commissioner) can check these records anytime to make sure everything is correct.
  • •If asked, the business must allow the boss to look at their money records.

Example

A payday loan company gives a loan to a customer.

The company must write down all the details of the loan, like how much money was given and when it should be paid back. They have to keep this note for two years, and if the boss asks, they must show it to prove they did everything right.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 23024 Licensee Recordkeeping Requirements

Each licensee shall keep and use books, accounts, and records that will enable the commissioner to determine if the licensee is complying with the provisions of this division and with the rules and regulations promulgated by the commissioner. Each licensee shall maintain any other records as required by the commissioner. The commissioner or a designee of the commissioner may examine those records at any reasonable time. Upon the request of the commissioner, a licensee shall file an authorization for disclosure of financial records of the licensed businesses pursuant to Section 7473 of the Government Code. All records shall be kept for two years following the last entry on a deferred deposit transaction and shall enable an examiner to review the recordkeeping and reconcile each consumer deferred deposit transaction with documentation maintained in the consumer’s deferred deposit transaction file records. (Added by Stats. 2002, Ch. 777, Sec. 10. Effective January 1, 2003. Section operative on December 31, 2004, or sooner, pursuant to Section 23104.)

Last verified: January 23, 2026

Key Terms

transactioncommissionregulationlicenseauthorizationdocumentation

Related Statutes

  • § 22105.2 Mortgage Licensing System Participation
  • § 100002 Debt Collection Definitions
  • § 22104 Finance Lender Net Worth
  • § 31047 Commissioner Order Definitions
  • § 28125 Nationwide Licensing System Authority

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 23024.
View Official Source