Virginia Code 6.2-1916: Retention of books, accounts, and records
A. Every licensee shall maintain in its principal place of business such books, accounts, and records as the Commission may reasonably require in order to determine whether such licensee is complying with the provisions of this chapter and other laws applicable to the conduct of its licensed business. Such books, accounts, and records shall be maintained apart and separate from any other business in which the licensee is involved.
Terms Used In Virginia Code 6.2-1916
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Licensee: means a person licensed under this chapter to engage in the business of selling money orders or the business of money transmission, or both. See Virginia Code 6.2-1900
- Money order: means a check, traveler's check, draft, or other instrument for the transmission or payment of money or monetary value whether or not negotiable. See Virginia Code 6.2-1900
- Money transmission: means receiving money or monetary value for transmission by wire, facsimile, electronic means or other means or selling or issuing stored value. See Virginia Code 6.2-1900
- Outstanding: means :
1. See Virginia Code 6.2-1900
- Principal: means any person who, directly or indirectly, owns or controls a 10 percent or greater interest in any form of entity. See Virginia Code 6.2-1900
B. Each licensee shall retain the following records for at least three years:
1. A record of each money transmission transaction and money order 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 orders and money transmission transactions;
5. Records of each money order and money transmission transaction paid or completed within the three-year period; and
6. A list of the names, addresses, and telephone numbers of all of the licensee’s authorized delegates.
C. Each licensee shall maintain policies and procedures sufficient for it to comply with this chapter and all other laws and regulations applicable to the conduct of its licensed business. A licensee shall furnish copies of its policies and procedures, as amended, to all of its authorized delegates.