§ 12-924. On-site examination

   (a) In general. -- The Commissioner may conduct an on-site examination of a licensee with or without prior notice.

(b) Payment of costs. -- The licensee shall pay all reasonably incurred costs directly related to an examination conducted under this section, including the travel expenses, lodging expenses, and a per diem for examiners.

(c) Examination performed also by representative of another state. -- An on-site examination may be conducted in conjunction with an examination performed by a representative of a responsible supervisory agency of another state.

(d) Examination report. --

   (1) The Commissioner, in lieu of an on-site examination, may accept the examination report of a responsible supervisory agency of another state.

   (2) A report accepted under paragraph (1) of this subsection is considered for all purposes as an official report of the Commissioner.

(e) Scope. -- The Commissioner may:

   (1) Examine all books, accounts, and records that the Commissioner determines are necessary to conduct a complete examination, including the books, accounts, and records in the possession of a subsidiary, affiliate, or other person that relate to the operation of and services provided by the licensee's debt management services business; and

   (2) Examine under oath any owner, officer, director, principal, and employee of the licensee or any other individual who may provide information on behalf of the licensee.

HISTORY: 2003, chs. 374, 375.