KRS 286.9-074: Recordkeeping requirements of licensees.

(1) Each licensee shall keep and use in its business any books, accounts, financial

reports, and records the commissioner may require to administer and regulate the

provisions of this subtitle and the administrative regulations promulgated under this

subtitle. Every licensee shall preserve the books, accounts, financial reports, and

records for a minimum of three (3) years, unless applicable state or federal law

requires a longer retention period.

(2) Records required to be preserved under this section may be m aintained in an

electronic retrievable format, or other similar form of medium, provided that it is

readily accessible to examination, investigation, and inspection by the

commissioner.

(3) Any person who ceases operating a business licensed under this sub title shall, at

least thirty (30) days prior to the discontinuance of the business, notify the

commissioner in writing of the physical location where the records required to be

kept under this subtitle will be preserved or archived. The records shall be ma de

accessible to the commissioner upon five (5) business days' written notice.

(4) Any person who ceases operating as a business licensed under this subtitle shall

designate a custodian of records and notify the commissioner of the name, physical

address, electronic mail address, and telephone number of the custodian of records.

The custodian of records shall preserve all records required under this subtitle and

allow the commissioner access to the records for examination and investigation

upon demand.

(5) The commissioner may approve a written request for the destruction of records

required to be preserved under this subtitle prior to the minimum retention period

described in subsection (1) of this section.