1. (a) A subject institution shall keep and maintain records relating to its post-incorporation pre-opening funds account, containing:

   1. (1) With respect to each deposit to the account:

      1. (A) Date of deposit.
      2. (B) Amount of money deposited.
      3. (C) Name of person from whom such money was accepted.

   2. (2) With respect to each withdrawal from the account:

      1. (A) Date of withdrawal.
      2. (B) Amount of money withdrawn.
      3. (C) Name of person to whom such money was paid.
      4. (D) Description of purpose of such payment.
      5. (E) Any invoice or billing relating to such payment.
   3. (3) Copy of each agreement with persons from whom money is accepted, including each agreement called for in Section 10.3477(a)(3) of this Chapter, if applicable.
   4. (4) Copies of all documents used in connection with the solicitation or acceptance of post-incorporation pre-opening funds.
2. (b) A subject institution shall preserve the records called for in Subdivision (a) of this Section for a period of not less than four years after the account is closed.
3. (c) A subject institution shall, upon request, make the records called for in Subdivision (a) of this Section available for inspection and copying by the Commissioner, any person from whom pre-opening funds have been accepted by the subject institution, and, in case any pre-opening funds were transferred from the pre-incorporation pre-opening funds account for the subject institution to the post-incorporation pre-opening funds account of the subject institution, any person from whom pre-opening funds were accepted before incorporation of the subject institution by a then proposed director, proposed officer, or organizer of the then proposed subject institution.

Note: Authority cited: Section 215, Financial Code. Reference: Sections 350 and 362, Financial Code.

History

1. Change without regulatory effect amending section and adding new Note filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).

2. New subsection (a)(4) and amendment of Note filed 4-14-98; operative 5-14-98 (Register 98, No. 16).