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Minnesota Statutes Banking (Ch. 46-59) § 53B.50. Records

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

(a) A licensee must maintain the following records, for purposes of determining the licensee's compliance with this chapter, for at least three 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 by administrative rule.

(b) The items specified in paragraph (a) may be maintained in any form of record.

(c) The records specified in paragraph (a) may be maintained outside of Minnesota if the records are made accessible to the commissioner upon seven business-days' notice that is sent in a record.

(d) All records maintained by the licensee as required under paragraphs (a) to (c) are open to inspection by the commissioner undersection 53B.33, paragraph (a).

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Cite this article: FindLaw.com - Minnesota Statutes Banking (Ch. 46-59) § 53B.50. Records - last updated January 01, 2025 | https://codes.findlaw.com/mn/banking-ch-46-59/mn-st-sect-53b-50/

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