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(a) A licensee shall maintain the following records for determining its compliance with this chapter for at least three years:
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(1) a record of each payment instrument or stored-value or prepaid access obligation sold;
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(2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts;
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(3) bank statements and bank reconciliation records;
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(4) records of outstanding payment instruments and stored-value and prepaid access obligations;
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(5) records of each payment instrument and stored-value and prepaid access obligation paid within the three-year period;
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(6) a list of the last known names and addresses of all of the licensee’s authorized delegates; and
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(7) any other records the commissioner reasonably requires by rule.
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(b) The items specified in subsection (a) may be maintained photographically, electronically, or in any other form of record allowed by the commissioner.
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(c) Records may be maintained outside this State if they are made accessible to the commissioner on seven business-days’ notice that is sent in a record.
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(d) All records maintained by the licensee as required in subsections (a) through (c) are open to inspection by the commissioner pursuant to § 23-55-601.
