§ 12-425. Required records

   (a) In general. -- Each licensee shall make and preserve the following books, accounts, and records for a period of at least 3 years:

   (1) A record of each payment instrument sold or issued;

   (2) A general ledger containing all assets, liability, capital, income, and expense accounts, which general ledger shall be posted at least monthly;

   (3) Settlement sheets received from each authorized delegate;

   (4) Bank statements and bank reconciliation records;

   (5) Records of outstanding payment instruments;

   (6) Records of each payment instrument paid within the 3-year period; and

   (7) A list of the names and addresses of all the licensee's authorized delegates, past and present.

(b) Form. -- A licensee shall retain the records required under this section in:

   (1) Original form; or

   (2) Photographic, electronic, or other similar form.

(c) Location. -- A licensee may retain the records required under this section at any location, provided that the licensee:

   (1) Notifies the Commissioner in writing of the location of the records; and

   (2) Makes the records available at a place of business for which a license has been issued, as agreed by the Commissioner and the licensee, within 7 days after a written request for examination by the Commissioner.

HISTORY: 2002, ch. 539.