Sec. 706. (a) A licensee shall maintain the following records, for use in determining its compliance with this chapter, for at least three (3) years:

(1) A record of each outstanding money transmission obligation sold.

Terms Used In Indiana Code 28-8-4.1-706

  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) A general ledger, posted at least monthly, containing all asset, liability, capital, income, and expense accounts.

(3) Bank statements and bank reconciliation records.

(4) Records of outstanding money transmission obligations.

(5) Records of each outstanding money transmission obligation paid during the three (3) year period described in this section.

(6) A list of known names and addresses of all the licensee’s authorized delegates.

(7) Any other records the director reasonably requires by rule.

     (b) The items described in subsection (a) may be maintained in any form of record.

     (c) The records described in this section may be maintained outside Indiana if they are made accessible to the department upon at least seven (7) business days advance notice that is sent by the director in a record.

     (d) All records maintained by the licensee under this section are open to inspection by the department under section 403(a) of this chapter.

As added by P.L.198-2023, SEC.4.

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