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Illinois Statutes Chapter 205. Financial Regulation § 658/7-6. Records

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 7-6. Records.

(a) Licensee shall maintain the following records, for determining its compliance with this Act, for at least 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 3-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 Secretary reasonably requires by rule.

(b) The records specified in subsection (a) may be maintained in electronic or other retrievable form of record.

(c) The records specified in subsection (a) shall be maintained at the licensee's principal place of business or, with notice to the Secretary, at another location designated by the licensee. If the records are maintained outside this State, the licensee shall make them accessible to the Secretary on 7 business-days' notice.

(d) All records maintained by the licensee as required in subsections (a) through (c) are open to inspection by the Secretary pursuant to subsection (a) of Section 4-3.

(e) A licensee shall require and its authorized sellers must preserve for at least 3 years all documents relating to money transmission activities, unless the data embodied in those documents has been transmitted for recordation by the licensee.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 205. Financial Regulation § 658/7-6. Records - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-205-financial-regulation/il-st-sect-205-658-7-6/

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