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Texas Finance Code - FIN § 152.207. Records

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A money services licensee shall maintain the following records for determining its compliance with this chapter for at least five years:

(1) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts;

(2) bank statements and bank reconciliation records;

(3) for a money transmission licensee:

(A) records of outstanding money transmission obligations;

(B) records of each outstanding money transmission obligation paid within the five-year period;

(C) records of each outstanding money transmission obligation sold;  and

(D) a list of the last known names and addresses of all of the licensee's authorized delegates;

(4) for a currency exchange licensee, a record of each currency exchange transaction;  and

(5) any other records the commissioner reasonably requires by rule.

(b) The records required to be maintained by Subsection (a)(3)(C) may be maintained in any form of record.

(c) Records required to be maintained by Subsection (a) may be maintained outside this state if they are made accessible to the commissioner not later than the seventh business day after the commissioner sends notice in writing.

(d) All records maintained by a money services licensee as required by this section are open to examination by the commissioner under Section 152.057(a).

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 152.207. Records - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-152-207/

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