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Effective Jan 1, 2015Amended by Stats. 2014, Ch. 499, Sec. 15. (AB 2209) Effective January 1, 2015.
(a) A licensee shall maintain the following records for determining its compliance with this division for at least three years:
- (1) A record of each payment instrument or stored value 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 payment instruments and stored value obligations.
- (5) Records of each payment instrument and stored-value obligation paid within the three-year period.
- (6) A list of the last known names and addresses of all of the licensee’s agents and their branch offices.
- (7) Any other records the commissioner reasonably requires by order or regulation.
- (b) A licensee or its agent shall maintain records of any receipts provided pursuant to Section 2102 for six months or a longer period of time specified in the contract between the licensee and its agent.
- (c) The items specified in subdivisions (a) and (b) may be maintained in any form of record.
- (d) Records may be maintained outside this state if they are made available to the commissioner on seven days’ notice that is sent in a record.
- (e) If records not required to be maintained in English pursuant to Section 456 are in a language other than English, the licensee shall provide records translated into English within seven days’ notice that is sent in a record.
- (f) Each licensee shall maintain any other records required by the commissioner.