1. Each licensee shall make, keep, and preserve the following books, accounts, and
other records for a period of five years and which are open to inspection by the commissioner:
a. A record or records of each payment instrument and stored value sold;
b. A general ledger containing all assets, liability, capital, income, and expense
accounts, which general ledger must be posted at least monthly;
c. Bank statements and bank reconciliation records;
d. Records of outstanding payment instruments and stored value;
e. Records of each payment instrument and stored value paid within the five-year period;
f. A list of the names and addresses of all of the licensee's authorized delegates;
g. Any other records the commissioner reasonably requires by rule.
2. Maintenance of such documents as are required by this section in a photographic,
electronic, or other similar form constitutes compliance with this section.
3. Records may be maintained at a location other than within this state so long as
the records are made accessible to the commissioner on seven business days' written
notice. When a licensee ceases operations for any reason, the licensee shall inform the
department of the location of the records. In addition, the licensee shall provide the name of the individual responsible for
maintenance of the records. The licensee shall notify the department within ten business days of the change
of the location of the records or the change of the individual responsible for maintenance
of the records.
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