§ 217. Records; annual report; audit

(a) The Authority shall keep an accurate account of all its activities and of all its receipts and expenditures. Information and records in connection with an application for an insurance contract under subchapter 2 of this chapter shall be preserved for three years after the application has been denied or, if the application is accepted, for three years after the mortgage has been discharged and thereafter until the Authority orders them destroyed.

(b) Prior to February 1 in each year, the Authority shall submit a report of its activities for the preceding fiscal year to the Governor and to the General Assembly. The report shall set forth a complete operating and financial statement covering its operations during the year. The Authority shall cause an audit of its books and accounts to be made at least once in each year by a certified public accountant and its cost shall be considered an expense of the Authority and a copy shall be filed with the State Treasurer. The provisions of 2 V.S.A. § 20(d) (expiration of required reports) shall not apply to the report to be made under this subsection.

(c) The Auditor of Accounts of the State and his or her authorized representatives may at any time examine the accounts and books of the Authority including its receipts, disbursements, contracts, funds, investments, and any other matters relating to its financial statements.

(d) At such time as the Authority has exhausted all rights and remedies to enforce the terms of a financing document or mortgage serving as security for a loan, the identity of the borrower and the outstanding principal balance of the loan shall become a public record. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 3, eff. March 27, 1975; 1999, No. 131 (Adj. Sess.), § 1a; 2013, No. 142 (Adj. Sess.), § 16.)