13 C.F.R. § 120.471 Records.
Title 13 - Business Credit and Assistance
Each SBLC must comply with the following requirements concerning records: (a) Maintenance of Records. It must maintain accurate and current financial records, including books of account, minutes of stockholder, directors, and executive committee meetings, and all documents and supporting materials relating to the SBLC's transactions at its principal business office. Securities held by a custodian pursuant to a written agreement shall be exempt from this requirement. (b) Preservation of records. (1) It must preserve in a manner permitting immediate retrieval the following documentation for the financial statements required by §120.472 (and of the accompanying certified public accountant's opinion), for the following specified periods: (i) Preserve permanently: (A) All general and subsidiary ledgers (or other records) reflecting asset, liability, capital stock and surplus, income, and expense accounts; (B) All general and special journals (or other records forming the basis for entries in such ledgers); and (C) The corporate charter, bylaws, application for determination of eligibility to participate with SBA, and all minutes books, capital stock certificates or stubs, stock ledgers, and stock transfer registers; (ii) Preserve for at least 6 years following final disposition of the related loan: (A) All applications for financing; (B) Lending, participation, and escrow agreements; (C) Financing instruments; and (D) All other documents and supporting material relating to such loans, including correspondence. (2) Records and other documents referred to in this section may be preserved electronically if the original is available for retrieval within a reasonable period.
Title 13: Business Credit and Assistance
PART 120—BUSINESS LOANS
Subpart D—Lenders
§ 120.471 Records.
