Subdivision 1. Requirement. Each licensee shall make, keep, and preserve the following books, accounts, and other records for a period of three years:
(1) a record or records of each payment instrument sold;
(2) a general ledger containing all assets, liability, capital, income, and expense accounts, which must be posted at least monthly;
(3) bank statements and bank reconciliation records;
(4) records of outstanding payment instruments;
(5) records of each payment instrument paid within the three-year period; and
(6) a list of the names and addresses of all of the licensee's authorized delegates.
Subd. 2. Compliance. (a) Any licensee selling money orders shall maintain a record of the date, amount, serial number, and the location of the sale for each money order sold in this state.
(b) Any licensee engaged in the business of receiving money for transmission or transmitting money shall maintain a record of the identity of the remitter, identity of the recipient, amount of the transmission, date of the transaction, date funds were transmitted, and the location from which the funds were remitted for each transaction initiated in this state.
(c) Maintenance of the documents required by this section in a photographic, electronic, or other similar form constitutes compliance with this section.
Subd. 3. Location. Records may be maintained at a location other than within this state if they are made accessible to the commissioner on seven days' written notice.
History: 2001 c 148 s 16
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