2015 New Hampshire Revised Statutes
Title XXXVI - PAWNBROKERS AND MONEYLENDERS
Chapter 399-G - LICENSING OF MONEY TRANSMITTERS
Section 399-G:11 - License Surrender.

[RSA 399-G:11 effective until January 1, 2016; see also RSA 399-G:11 set out below.]     399-G:11 License Surrender. –
    I. A licensee who ceases to engage in the business of a money transmitter at any time during a license year for any cause, including but not limited to bankruptcy, license revocation, or voluntary dissolution, shall surrender such license and office registrations, if any, in person or by registered or certified mail to the commissioner within 15 calendar days of such cessation of business, and shall cause to be published in a newspaper of general circulation in the licensee's market area a notice to such effect. The commissioner shall adopt rules, in accordance with RSA 541-A, relative to such notice.
    II. Withdrawal of the surrendered license and office registrations, if any, shall become effective 30 days after receipt by the commissioner or within such shorter period of time as the commissioner may determine, unless a revocation or suspension proceeding is pending when the license is surrendered or a proceeding to revoke or suspend or to impose conditions upon the withdrawal is instituted within 30 days after the license is surrendered. If a proceeding is pending or instituted, withdrawal becomes effective at such time and upon such conditions as the commissioner by order determines. The commissioner may nevertheless institute a revocation or suspension proceeding under RSA 399-G:18 within one year after withdrawal became effective and may enter a revocation or suspension order as of the last date on which the license was effective.
    III. Failure to comply with the provisions of this section and rules adopted under this section shall be cause for denial of future license applications and the imposition of penalties under RSA 399-G:21.
    399-G:11 Record Keeping Requirements. --
    I. (a) The licensee shall maintain such records as will enable the department to determine whether the licensee's business is in compliance with the provisions of this chapter and the rules adopted pursuant to this chapter. Such records shall be maintained for a period of at least 5 years or longer if the commissioner prescribes a period by rule and made available for examination at the licensee's principal office, or its authorized delegate location, or the office of its New Hampshire registered agent. Licensees may maintain electronic, photocopied, microfilm, or microfiche copies of original documents.
       (b) A licensee may maintain its records in electronic format if, upon request, the licensee provides the commissioner with:
          (1) A full explanation of the programming of any data storage or communications systems in use; and
          (2) Information from any books, records, electronic data processing systems, computers, or any other information storage system in the form requested by the commissioner.
    II. Those licensees that maintain their files in another state shall return the files to their principal New Hampshire office, to the department, or to the office of their New Hampshire registered agent for examination no later than 21 calendar days after being requested to do so by the department. Such licensees are required to return all files and records no later than 21 calendar days after being requested to do so by the banking department. When the commissioner requests a list of New Hampshire consumers who have contracted with the licensee or other similar summary document from a licensee from which to select particular files for review, the licensee shall ensure that the list is received by the commissioner within 7 calendar days and return the files selected by the commissioner to the commissioner within 14 calendar days to ensure compliance with the 21-day requirement. Failure to provide files and documents shall subject a licensee to a fine of $50 per day for each day after 21 days the files and documents are not produced. Failure to provide files and documents within 60 days after being requested to do so by the department, shall be sufficient cause for license revocation, suspension, or denial.
    III. A licensee shall keep and use business records in such form and at such location as the commissioner shall by rule determine. The records shall enable the commissioner to determine whether the licensee is complying with the provisions of this chapter, any rules adopted under it, and any other law, rule, or regulation applicable to the conduct of the business for which it is licensed under this chapter. The rules may contain provisions for records to be recorded, copied, or reproduced by any process which accurately reproduces or forms a durable medium for reproducing the original record or document, or in any other form or manner authorized by the commissioner. Each licensee shall preserve all such business records for as long a period as the commissioner shall prescribe by rule.
    IV. If the commissioner or examiner finds any accounts or records to be inadequate, or kept or posted in a manner not in accordance with generally accepted accounting principles, the commissioner may employ experts to reconstruct, rewrite, post, or balance them at the expense of the person being examined if such person has failed to maintain, complete, or correct such records or accounting after the commissioner or examiner has given him or her written notice and a reasonable opportunity to do so.

Source. 2015, 258:1, eff. Jan. 1, 2016.