Section 97. The commissioner may prescribe from time to time such rules and regulations as he deems necessary and proper for carrying out the provisions of sections ninety-six to one hundred and fourteen, inclusive, relative to the business carried on by licensees and by loan companies and associations established by special charter 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 or proper to carry out the provisions of said sections ninety-six to one hundred and fourteen, inclusive, to prevent circumvention or evasion thereof or to facilitate compliance therewith. Said commissioner shall, at least once in every two calendar years and more often if he deems it necessary, examine the affairs of a licensee, company or associations and, for said purpose, shall have free access to the premises and all business records thereof. Said commissioner shall assess appropriate fees, as determined annually by the commissioner of administration pursuant to section three B of chapter seven, upon the said licensee, company or association established by special charter for any such examination, including expenses for necessary travel outside the commonwealth for the purpose of conducting such examinations. Said commissioner 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 person so examined.
A licensee, company or association established by special charter shall keep and use such business records in such form and at such location as said commissioner shall, by regulation, determine which shall enable said commissioner to ascertain the condition of the business of any such licensees, companies or associations and whether they are complying with the provisions of sections ninety-six to one hundred and fourteen, inclusive, and any rules and regulations promulgated thereunder by said commissioner and any other law, rule or regulation applicable to the conduct of the business for which it is licensed under said sections ninety-six to one hundred and fourteen, inclusive. Such regulations may contain provisions for the suspension or revocation of licenses for violations thereof 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 said 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, company or association shall preserve all such business records for as long a period as said 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, company or association, delivered to an office of such licensee, company or association located within the commonwealth, shall be deemed to have been served at the location, whether within or outside the commonwealth, where the original business records are kept or maintained.