South Carolina Code 35-11-520. Records
(1) a record of each payment instrument or stored-value obligation sold;
Terms Used In South Carolina Code 35-11-520
- Bank: means an institution organized under federal or state law which:
(a) accepts demand deposits or deposits that the depositor may use for payment to third parties and which engages in the business of making commercial loans; or
(b) engages in credit card operations and maintains only one office that accepts deposits, does not accept demand deposits or deposits that the depositor may use for payments to third parties, does not accept a savings or time deposit less than one hundred thousand dollars, and does not engage in the business of making commercial loans. See South Carolina Code 35-11-105 - Commissioner: means the South Carolina Attorney General. See South Carolina Code 35-11-105
- Licensee: means a person licensed pursuant to this act. See South Carolina Code 35-11-105
- 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.
- Payment instrument: means a check, draft, money order, traveler's check, or other instrument for the transmission or payment of money or monetary value, whether or not negotiable. See South Carolina Code 35-11-105
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See South Carolina Code 35-11-105
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or a territory or insular possession subject to the jurisdiction of the United States. See South Carolina Code 35-11-105
(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 payment instruments and stored-value obligations;
(5) records of each payment instrument and stored-value obligation paid within the three-year period;
(6) a list of the last known names and addresses of all of the licensee’s authorized delegates; and
(7) other records the commissioner reasonably requires by rule.
(B) The items specified in subsection (A) may be maintained in any form of record.
(C) Records may be maintained outside this State if they are made accessible to the commissioner on a seven business-day notice that is sent in a record.
(D) All records maintained by the licensee as required in subsections (A) through (C) are open to inspection by the commissioner pursuant to § 35-11-500.