Section 10.13.600. Examination of licensees and subsidiaries.

   (a) The department may at any time examine a licensee or a subsidiary of a licensee. Licensure under this chapter constitutes implied consent to examination by the department.
   (b) The department shall examine a licensee at least once during each calendar year.
   (c) At the department's request the following persons shall provide to the department the books, accounts, and records of a licensee or a licensee's subsidiary and shall otherwise facilitate the department's examination of the licensee to the fullest extent possible:
        (1) a director, officer, or employee of a licensee being examined by the department;
        (2) a director, officer, or employee of a subsidiary of a licensee being examined by the department;
        (3) a person having custody of the books, accounts, or records of a licensee being examined by the department;
        (4) a person having custody of the books, accounts, or records of a subsidiary of a licensee being examined by the department.
   (d) The department may retain a certified public accountant, attorney, appraiser, or other person to assist the department in the examination of a licensee or a subsidiary of a licensee if the department determines that the assistance is necessary. Within 10 days after receipt of a statement from the department, the licensee being examined shall pay the fees of a person retained by the department under this subsection.

Notes

History

(Sec. 1 ch 133 SLA 1992)