Vermont Statutes Title 8 Sec. 2534
Terms Used In Vermont Statutes Title 8 Sec. 2534
- 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
- Prepaid access: means funds or monetary value represented in digital electronic format, including virtual currency, whether or not specially encrypted, that are stored or capable of storage on electronic media and are retrievable and transferable electronically. See
§ 2534. Records
In addition to the records required by section 2119 of this title, a licensee shall maintain records for determining the licensee’s compliance with this chapter. A licensee shall maintain its records for at least five years, which records shall include:
(1) a record of each payment instrument or prepaid access 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 payment instruments and prepaid access obligations;
(5) records of each payment instrument and prepaid access obligation paid within the five-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 requires by rule. (Added 2001, No. 55, § 1, eff. Jan. 1, 2002; amended 2019, No. 20, § 53.)