Office of Insurance and Safety Fire CommissionerJohn F. King
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Reporting Requirements

120-1-7-.03 Annual Report.
Each licensee shall on or before the 15th day of April each year, file with the Commissioner an annual report on forms prescribed by the Commissioner. This report shall consist of an annual statement concerning the foundation of the licensed company, a statement of operations for the preceding year, including specific information regarding insurance on all loans, and an analysis on charges, loans, security and delinquent accounts.

120-1-13-.01 Loan Tax, Reporting Method.
(1) A tax shall be paid monthly on all interest charged on loans made under the Act. A licensee may report such monthly loan tax on interest either on a "cash basis" or on an "accrual basis." A licensee may elect to report such tax on either basis; however, once a licensee has made an election, such basis shall not be changed without the approval of the Commissioner.
(2) A licensee shall report its monthly loan tax by use of one of the following methods:
(a) "Cash Method" is based on actual interest charged during the month as reported in the daily cash report. The charges of interest shall be increased by recoveries of interest on accounts previously written off and the interest may be reduced by interest on accounts to be presently written off and interest being refunded on accounts prepaid by cash, renewal and refinancing. The net interest is subject to the tax.

(b) "Accrual method" is based principally on collections during the month of accounts under the Act. An accurate percentage comparison of interest charged to gross loan is obtained by dividing the outstanding loans at the beginning of the month into unearned interest at the beginning of the month. The percent obtained is then multiplied by the collections for the month. The total obtained is subject to be taxed.

120-1-2-.12 Monthly Loan Tax Reports.
(1) Monthly Loan Tax Report forms are provided upon request. Each licensee shall fully and truthfully supply and insert all information necessary to complete such form, and shall sign and date such form. All "Loan Tax Report Forms" and payment due thereon shall be filed with this Department no later than the 20th day of the succeeding month.

(2) A penalty as provided by law shall be collected for Loan Tax Reports filed after the due date.

(3) A penalty as provided by law shall be collected for each fraudulent Loan Tax Report.

(4) If loans receivable are sold by a licensee reporting on the accrual basis to a licensee reporting on a cash basis, the seller must show this transaction on the report, the accounts being sold, the interest involved and pay the tax due thereon.

120-1-2-.16 Quarterly Insurance Report.
(1) A "Quarterly Insurance Report Form" shall be filed with the Commissioner no later than the 20th day of the month after the quarters ending March 31, June 30, September 30 and December 31. Such form shall indicate the name of the licensee; business address of such licensee; the date the quarter ended, number of loans; the amount of loans; insurance premiums charged; refunds; net premiums; number of claims paid; total amount of claims paid; percent of claims paid to net premiums; and name of insurance company as to Life, Accident and Sickness, and Household Goods Fire Insurance. Each licensee shall fully and truthfully supply and insert all information necessary to complete such form, and shall sign a certification as to the truthfulness of such form and date same.
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