SECTION 72.9. Monitoring

The Office of the Secretary of State may conduct at its discretion random, unannounced examinations of the licensee's records during normal business hours (8:00 a.m. through 5:00 p.m.) to determine the licensee's compliance with the statute and these sections. All records related to the statute and these sections shall be kept in accordance with generally accepted accounting principles at the licensee's place of business or a place designated by written notification by certified mail, return receipt requested, and maintained for four years. If the licensee fails to keep and make readily available accurate records or file quarterly reports under §72.8 of this title (relating to Quarterly Reports), the secretary of state may estimate the royalty fee due based on any information available, including, but not limited to, records of vendors, resellers, or manufacturers. Information contained in quarterly reports filed with the Office of Secretary of State pursuant to §72.8 of this title will be disclosed to the state comptroller, the state auditor, or any similar state investigatory agency upon request.

Source Note: The provisions of this §72.9 adopted to be effective December 10, 2012, 37 TexReg 9617