Section 3. The commissioner may prescribe from time to time such rules and regulations as he deems necessary and proper for carrying out the provisions of this chapter including, but not limited to, the granting of licenses and the renewal thereof, the conduct of examinations and investigations and the keeping of records by a licensee. Such rules and regulations may contain such classifications, differentiations or other provisions and may provide for such adjustments and exceptions for a class of transactions as in the judgment of said commissioner are necessary and proper to carry out the provisions of this chapter, to prevent circumvention or evasion thereof or to facilitate compliance therewith. Said commissioner may, whenever he deems it to be in the public interest, examine the affairs of a licensee and, for said purpose, shall have free access to the premises and all business records of such licensee, may require the attendance of and examine under oath any person and shall have the power to compel the production of all such business records. Said commissioner shall assess appropriate fees, as determined annually by the commissioner of administration pursuant to section three B of chapter seven, upon the licensee for any such examination, including expenses for necessary travel outside the commonwealth for the purpose of conducting such examinations. Said commissioner of banks may cause a number of examinations of any such business records to be made by an accountant whom he may select and the cost of any such examination shall be paid by the licensee whose records are so examined.
A licensee shall keep and use such business records, in such form and at such location as said commissioner shall, by regulation, determine, which shall enable the commissioner to determine whether such licensee is complying with the provisions of this chapter and any rules or regulations promulgated hereunder by said commissioner and any other law, rule or regulation applicable to the conduct of the business for which it is licensed under this chapter. Such regulations may contain provisions for the suspension or revocation of licenses for violations hereof and for such records to be recorded, copied or reproduced by photographic, photostatic, microfilm, microcard, miniature photographic, electronic, including, but not limited to, optical imaging, or other process which accurately reproduces or forms a durable medium for reproducing the original record or document or in any other form, or manner authorized by the commissioner; provided, however, that nothing in this section shall be construed to permit any such licensee to destroy original records or documents. Each such licensee shall preserve all such business records for as long a period as the commissioner shall prescribe by regulation. Notwithstanding the provisions of any general or special law or the Massachusetts Rules of Civil Procedure to the contrary, service of a subpoena for business records upon a licensee, delivered to an office of such licensee located within the commonwealth, shall be deemed to have been service at the location, whether within or outside the commonwealth, where the original business records or documents are kept or maintained.
Each licensee shall annually, on or before a date to be determined by the commissioner, file a report with the commissioner containing such information as said commissioner may require concerning the business and operations during the preceding calendar year at each licensed place of business conducted by a licensee within the commonwealth. Any licensee neglecting to make such annual report or failing to amend the same within fifteen days of notice from the commissioner directing the same shall, unless such neglect or failure is due to justifiable cause and not due to wilful neglect, pay to the commonwealth fifty dollars for each day during which such neglect or failure continues.