(a) Each licensee shall keep and use in his business such books and accounting records as are in accord with sound and accepted accounting practice and enable the Banking Board to determine whether the licensee is complying with this subchapter. The licensee's system of records shall be accepted provided it discloses the information required under this section.
(b) Every licensee shall at least once a year have its books audited by a certified public accountant registered in the United States Virgin Islands and a copy of such audit duly certified by the accountant shall be filed with the Banking Board, which audit, so certified, shall be accepted by the Board in lieu of an audit made by it.
(c) Each licensee shall, on or before the first day of September of each year, file with the Board a report of operations of the licensed business for the preceding fiscal year. Such report shall give information with respect to the financial condition of the licensee and shall include balance sheets at the beginning and end of the year; statement of income and expenses for the period; reconciliation of surplus or net worth with the balance sheets; schedule of assets used and useful in the licensed business; classification of loans made by size and security; an analysis of charges including monthly average number and amount of loans outstanding; analysis of delinquent accounts, and court actions undertaken to effect collection. Such report shall be made under the penalties of perjury and shall be in the form prescribed by the Board which shall annually make and publish an analysis and recapitulation of such reports. In the event any person or affiliated group of persons holds more than one license in the state, they may file a composite annual report, in lieu of separate reports for each licensed office provided a short form of report for each licensed place of business shall be included showing the number and amount of loans made during the year and number and amount of loans outstanding at the beginning and end of the year. Any licensee failing to make the report required by this paragraph within the time prescribed shall pay to the Board the sum of $5 for each day said report is overdue. If a licensee elects to file a composite report and such composite report is not filed on or before September first as herein required the penalty herein prescribed shall apply separately for each license held. Penalties collected hereunder shall be covered into the general fund of the Treasury.