Arkansas Code of 1987 (2024)
Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105)
Subtitle 2 - FINANCIAL INSTITUTIONS AND SECURITIES (§§ 23-30-101 — 23-55-1007)
Chapter 55 - UNIFORM MONEY SERVICES ACT (§§ 23-55-101 — 23-55-1007)
Section 23-55-605 - Records

• (a) A licensee shall maintain the following records for determining its compliance with this chapter for at least five years:
  • (1) a record of each payment instrument, stored-value, virtual currency, or prepaid access obligation sold;
  • (2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts;
  • (3) bank statements and bank reconciliation records;
  • (4) records of outstanding payment instruments and stored-value and prepaid access obligations;
  • (5) records of each payment instrument, stored-value, virtual currency, and prepaid access obligation paid within the five-year period;
  • (6) a list of the last known names and addresses of all of the licensee's authorized delegates; and
  • (7) any other records the commissioner reasonably requires by rule.

• (b) The items specified in subsection (a) may be maintained photographically, electronically, or in any other form of record allowed by the commissioner.

• (c) Records may be maintained outside this State if they are made accessible and available to the commissioner 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) are open to inspection by the commissioner pursuant to § 23-55-601.

Amended by Act 2023, No. 442,§ 8, eff. 8/1/2023.

Amended by Act 2021, No. 532,§ 19, eff. 7/28/2021.

Amended by Act 2013, No. 531,§ 7, eff. 8/16/2013.

Acts 2007, No. 1595, § 1; 2009, No. 486, § 15.