Licensees shall maintain records in a fashion consistent with a financial institution and shall have them at all times readily accessible to the director. Records shall be preserved under the following schedule:

1. (1) Preserve permanently:

   1. (a) All general and subsidiary ledgers reflecting asset, liability, capital stock and surplus and income and expense accounts.
   2. (b) All general and special journals or other records forming the basis for entries in such ledgers.
   3. (c) Articles of incorporation, bylaws, stock registers, licenses, and minutes of board of directors meetings.

2. (2) Preserve for at least six years following final disposition of the related loan:

   1. (a) All applications for financing.
   2. (b) Financing instruments.
   3. (c) Lending participation agreements.
   4. (d) Escrow agreements.

   5. (e) All other documents and supporting material relating to such loans, including correspondence.

      Records and other documents in subsections (1) and (2) of this section may be preserved by reproduction. Provided, however, that the licensee shall prepare a duplicate reproduction which shall be stored separately from the original for the time required. If such reproductions are used, the licensee shall maintain at all times facilities for the projection and reproduction of such records.

[Statutory Authority: RCW 30.04.030 and 43.320.040. WSR 00-17-141, amended and recodified as § 208-556-050, filed 8/22/00, effective 9/22/00. Statutory Authority: 1989 c 212 § 3(1). WSR 90-01-001, § 50-56-050, filed 12/7/89, effective 1/7/90.]