286.11-029 Maintenance of records.
(1)
(2)
(3)
Each licensee shall make, keep, and preserve the following books, accounts, and
other records for a period of five (5) years, and these records shall be open to
inspection by the commissioner:
(a) A record or records of each payment instrument sold;
(b) A general ledger containing all assets, liability, capital, income, and expense
accounts, which general ledger shall be posted at least monthly;
(c) Bank statements and bank reconciliation records;
(d) Records of outstanding payment instruments;
(e) Records of each payment instrument paid within the five (5) year period;
(f) A list of the names, addresses, and telephone numbers of all of the licensee's
agents;
(g) Copies of all currency transaction reports and suspicious activity reports filed
in compliance with KRS 286.11-031; and
(h) Any other record the commissioner may reasonably require by order or
regulation.
Records required to be maintained in this subtitle may be kept in an electronic
retrievable format or other similar form of medium.
Records may be maintained by a licensee or agent at a location other than within
this state so long as they are made accessible to the commissioner upon seven (7)
business days' written notice.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 843, effective July 15, 2010. -- Created
2006 Ky. Acts ch. 247, sec. 15, effective April 24, 2006.
Legislative Research Commission Note (7/12/2006). This section was created in 2006
Ky. Acts ch. 247 as a new section of KRS Chapter 366A. Sec. 38 of that same bill
also required that all sections of KRS Chapters 287, 288, 290, 291, 294, 366, 366A,
and 368 be renumbered as sections of a single KRS chapter entitled the "Kentucky
Financial Services Code." Therefore, the Statute Reviser, acting under KRS 7.136(1),
has codified this section as a new section of KRS Chapter 286.
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