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

Terms Used In Tennessee Code 45-7-115

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Authorized agent: means an entity designated by the licensee under this chapter to sell or issue payment instruments or engage in the business of transmitting money on behalf of a licensee. See Tennessee Code 45-7-103
  • Bank: means any person, as hereinafter defined, doing a banking business subject to the laws of this or any other jurisdiction and, for the purposes of supervision, examination and liquidation, includes industrial investment companies and industrial banks authorized by chapter 5 of this title. See Tennessee Code 45-1-103
  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-7-103
  • Contract: A legal written agreement that becomes binding when signed.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Licensee: means a person licensed under this chapter. See Tennessee Code 45-7-103
  • Payment instrument: means any check, draft, money order, travelers check or other instrument or written order for the transmission or payment of money, sold or issued to one (1) or more persons, whether or not the instrument is negotiable. See Tennessee Code 45-7-103
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(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.
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