(a) Each licensee shall make, keep and preserve the following books, accounts and other records for a period of three (3) years:

(1) A daily record or records of payment instruments sold;
(2) A general ledger containing all assets, liabilities, capital, income and expense accounts, which general ledger shall be posted at least monthly;
(3) Settlement sheets received from authorized agents;
(4) Bank statements and bank reconciliation records;
(5) Records of outstanding payment instruments;
(6) Records of each payment instrument paid within the three-year period; and
(7) A list of the names and addresses of all of the licensee’s authorized agents, as well as copies of each authorized agent contract.
(b) Maintenance of the documents as is required by this section in a photographic or other similar form shall constitute compliance with this section.
(c) Records may be maintained at a location other than within this state as long as they are made accessible to the commissioner.
(d) Nothing in this section shall prohibit a licensee from adhering to state or federal record retention requirements for a period greater than three (3) years.