Arizona Laws 6-1221. Records
A. To help the director determine the licensee‘s compliance with this article, a licensee shall maintain the following records for at least five years:
Terms Used In Arizona Laws 6-1221
- Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
- Licensee: means a person licensed under this article. See Arizona Laws 6-1201
- 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.
- Outstanding money transmission obligation: means either of the following:
(a) Any payment instrument or stored value issued or sold by the licensee to a person located in the United States or reported as sold by an authorized delegate of the licensee to a person that is located in the United States that has not yet been paid or refunded by or for the licensee or escheated in accordance with applicable abandoned property laws. See Arizona Laws 6-1201
1. A record of each outstanding money transmission obligation sold.
2. A general ledger posted at least monthly that contains 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 five-year period.
6. A list of the last known names and addresses of all of the licensee’s authorized delegates.
7. Any other records the director reasonably requires by rule.
B. The items specified in subsection A of this section may be maintained in any form of record.
C. Records specified in subsection A of this section may be maintained outside of this state if they are made accessible to the director with seven business days’ notice that is sent in a record.