533C.505 Records.
1. A licensee shall maintain the following records for determining its compliance with this chapter for at least three years:
a. A record of each payment instrument sold.
b. A general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts.
c. Bank statements and bank reconciliation records.
d. Records of outstanding payment instruments and stored-value obligations.
e. Records of each payment instrument and stored-value obligation paid within the three-year period.
f. A list of the last known names and addresses of all of the licensee’s authorized delegates.
g. Any other records the superintendent reasonably requires by rule.
2. The items specified in subsection 1 may be maintained in any form of record.
3. Records may be maintained outside this state if they are made accessible within seven business days of receipt of a written request from the superintendent.
4. All records maintained by the licensee as required in subsections 1 through 3 shall be open to inspection by the superintendent pursuant to section 533C.501.
5. A licensee, authorized delegate, or any officer, employee, agent, or any public official or governmental employee who keeps or files a record pursuant to this section or who communicates or discloses information or records under this section is not liable to its customer, to a state or local agency, or to any person for any loss or damage caused in whole or in part by the making, filing, or governmental use of the record, or any information contained in that record.
6. The licensee shall keep such records as the superintendent may require in order to determine whether such licensee is complying with the provisions of this chapter and with the rules and orders lawfully made by the superintendent under this chapter.
2003 Acts, ch 96, §20, 42; 2004 Acts, ch 1101, §80
Referred to in §533C.502
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.