(a) A licensee shall maintain the following records for at least three (3) years: (1) A record of each outstanding money transmission obligation sold; (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 money transmission obligations; (5) Records of each outstanding money transmission 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) Any other records the commissioner reasonably requires.

Terms Used In Tennessee Code 45-7-125

  • 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
  • Licensee: means a person licensed under this chapter. See Tennessee Code 45-7-103
  • Money transmission: means the sale or issuance of payment instruments or engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means, including, but not limited to, payment instrument, wire, facsimile or electronic transfer. See Tennessee Code 45-7-103
  • 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.
  • 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
  • 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
(b) The items specified in subsection (a) may be maintained in any form of record.
(c) Records specified in subsection (a) may be maintained outside this state if they are made accessible to the commissioner upon the commissioner’s request.
(d) All records maintained by the licensee as required by subsection (a) are open to inspection by the commissioner pursuant to § 45-7-107.
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