32-10-310. Recordkeeping requirements. (1) (a) Each licensee shall maintain at its principal place of business, as designated on the license, all books, accounts, records, and documents necessary to determine the licensee's compliance with this chapter.
     (b) All books, accounts, records, and documents must be kept available for review and examination by the department for a period of 5 years from the date of the last entry.
     (2) (a) The department may authorize the maintenance of books, accounts, records, and documents at a location other than a principal place of business if the licensee ensures that the books, accounts, records, and documents will be kept in a secure location under conditions that will not lead to the damage or destruction of the books, accounts, records, or documents.
     (b) The department may require that books, accounts, records, and documents be produced and made available at a reasonable and convenient location in this state.
     (3) If the department determines that it is more effective or cost-efficient to perform a review or examination of the books, accounts, records, and documents at a licensee's out-of-state location, the licensee shall pay the reasonable travel expenses and per diem for each department employee who participates in the review or examination.
     (4) The department may prescribe by rule the minimum information to be shown in the books, accounts, records, and documents of licensees to enable the department to determine compliance with this chapter.
     (5) This section does not prohibit a licensee from the use of document imaging or other electronic means in maintaining books, accounts, records, and documents if the licensee can ensure adequate safeguards against alteration, damage, or destruction of the imaged or electronically stored books, accounts, records, or documents.
     (6) Failure to comply with this section is grounds for administrative action by the department in accordance with this chapter.

     History: En. Sec. 15, Ch. 369, L. 2007.