A. A licensee shall maintain the following records for determining its compliance with the Uniform Money Services Act for at least three years:

1. (1) a record of each payment instrument or stored-value obligation sold;
2. (2) a general ledger posted at least monthly containing all asset, liability, capital, income and expense accounts;
3. (3) bank statements and bank reconciliation records;
4. (4) records of outstanding payment instruments and stored-value obligations;
5. (5) records of each payment instrument and stored-value obligation paid within the three-year period;
6. (6) a list of the last known names and addresses of all of the licensee's authorized delegates; and

7. (7) any other records the director reasonably requires by rule.

   B. The items specified in Subsection A of this section may be maintained in writing, electronically or in any other form of record that is permitted by the director.

   C. Records may be maintained outside New Mexico if they are made accessible to the director on seven business-days' notice that is sent in a record.

   D. All records maintained by the licensee as required in Subsections A through C of this section are open to inspection by the director pursuant to Section 601 [58-32-601 NMSA 1978] of the Uniform Money Services Act.

History: Laws 2016, ch. 88, § 605.

ANNOTATIONS

Effective dates. — Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.