Section 361.921

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 361

Effective - 28 Aug 2024   

  361.921.  Supervision. — 1.  The director may conduct an examination or investigation of a licensee or authorized delegate or otherwise take independent action authorized by sections 361.900 to 361.1035 or by a rule adopted or order issued under sections 361.900 to 361.1035 as reasonably necessary or appropriate to administer and enforce sections 361.900 to 361.1035, regulations implementing sections 361.900 to 361.1035, and other applicable law, including the Bank Secrecy Act and the USA PATRIOT Act.  The director may:

  (1)  Conduct an examination either onsite or offsite as the director may reasonably require;

  (2)  Conduct an examination in conjunction with an examination conducted by representatives of other state agencies or agencies of another state or of the federal government;

  (3)  Accept the examination report of another state agency or an agency of another state or of the federal government, or a report prepared by an independent accounting firm, which on being accepted is considered for all purposes as an official report of the director; and

  (4)  Summon and examine under oath a key individual or employee of a licensee or authorized delegate and require the person to produce records regarding any matter related to the condition and business of the licensee or authorized delegate.

  2.  A licensee or authorized delegate shall provide, and the director shall have full and complete access to, all records the director may reasonably require to conduct a complete examination.  The records shall be provided at the location and in the format specified by the director.  The director may utilize multistate record production standards and examination procedures if such standards and procedures will reasonably achieve the requirements of this subsection.

  3.  Unless otherwise directed by the director, a licensee shall pay all costs reasonably incurred in connection with an examination of the licensee or the licensee's authorized delegates.

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(L. 2024 S.B. 1359)