Kentucky Statutes 286.9-074 – Recordkeeping requirements of licensees
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(1) Each licensee shall keep and use in its business any books, accounts, financial reports, and records the commissioner may require to administer and regulate the provisions of this subtitle and the administrative regulations promulgated under this subtitle. Every licensee shall preserve the books, accounts, financial reports, and records for a minimum of three (3) years, unless applicable state or federal law requires a longer retention period.
(2) Records required to be preserved under this section may be maintained in an electronic retrievable format, or other similar form of medium, provided that it is readily accessible to examination, investigation, and inspection by the commissioner.
(3) Any person who ceases operating a business licensed under this subtitle shall, at least thirty (30) days prior to the discontinuance of the business, notify the commissioner in writing of the physical location where the records required to be kept under this subtitle will be preserved or archived. The records shall be made accessible to the commissioner upon five (5) business days’ written notice.
(4) Any person who ceases operating as a business licensed under this subtitle shall designate a custodian of records and notify the commissioner of the name, physical address, electronic mail address, and telephone number of the custodian of records. The custodian of records shall preserve all records required under this subtitle and allow the commissioner access to the records for examination and investigation upon demand.
(5) The commissioner may approve a written request for the destruction of records required to be preserved under this subtitle prior to the minimum retention period described in subsection (1) of this section.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 806, effective July 15, 2010. — Created
2009 Ky. Acts ch. 98, sec. 15, effective January 1, 2010.
(2) Records required to be preserved under this section may be maintained in an electronic retrievable format, or other similar form of medium, provided that it is readily accessible to examination, investigation, and inspection by the commissioner.
Terms Used In Kentucky Statutes 286.9-074
- Commissioner: means the commissioner of the Department of Financial
Institutions. See Kentucky Statutes 286.1-010 - Federal: refers to the United States. See Kentucky Statutes 446.010
- Licensee: means a person who has been issued either a check cashing license or a deferred deposit service business license by the commissioner in accordance with this subtitle to conduct check cashing or deferred deposit service business in the Commonwealth. See Kentucky Statutes 286.9-010
- Person: means a natural person, or any type or form of corporation, company, partnership, proprietorship, association, or other legal entity. See Kentucky Statutes 286.1-010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(3) Any person who ceases operating a business licensed under this subtitle shall, at least thirty (30) days prior to the discontinuance of the business, notify the commissioner in writing of the physical location where the records required to be kept under this subtitle will be preserved or archived. The records shall be made accessible to the commissioner upon five (5) business days’ written notice.
(4) Any person who ceases operating as a business licensed under this subtitle shall designate a custodian of records and notify the commissioner of the name, physical address, electronic mail address, and telephone number of the custodian of records. The custodian of records shall preserve all records required under this subtitle and allow the commissioner access to the records for examination and investigation upon demand.
(5) The commissioner may approve a written request for the destruction of records required to be preserved under this subtitle prior to the minimum retention period described in subsection (1) of this section.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 806, effective July 15, 2010. — Created
2009 Ky. Acts ch. 98, sec. 15, effective January 1, 2010.