(A) Each licensee shall make, keep, and preserve with respect to the licensee the following books, accounts, and other records for a period of five years to be open to inspection by the superintendent of financial institutions:
(1) A record or records of each money transmission transaction;
(2) A general ledger containing all assets, liabilities, capital, income, and expense accounts, posted at least monthly;
(3) All bank statements and bank reconciliation records;
(4) A record of all outstandings;
(5) A record of all payments made;
(6) The names and addresses of all authorized delegates of the licensee;
(7) Any other records that the superintendent requires.
(B) For purposes of this section, a licensee may retain a document, paper, or other instrument or record by use of a process to record, copy, photograph, or store a representation of the original document, paper, or other instrument or record, if all of the following apply:
(1) The process correctly and accurately copies or reproduces, or provides a means for correctly and accurately copying or reproducing, the original document, paper, or other instrument or record with regard to both its substance and appearance, except that the copy or reproduction need not reflect the original paper or other medium, size, or color, unless the medium, size, or color is necessary to establish the authenticity of the original.
(2) The process does not permit the recording, copy, photographic image, or stored representation of the original document, paper, or other instrument or record to be altered or manipulated.
(3) The medium the process uses to record, copy, photograph, or store a representation of an original document, paper, or other instrument or record is a durable medium for retaining and reproducing records.
(C) A licensee may maintain its records described in division (A) of this section at a location other than within this state, so long as the licensee makes its records accessible to the superintendent on seven business days written notice.
(D) No licensee shall fail to comply with this section.
Effective Date: 04-06-2007Prev | Next