2011 Vermont Code
Title 08 Banking and Insurance
Chapter 79 MONEY SERVICES
§ 2534 Records

§ 2534. Records

(a) A licensee shall maintain records for determining the licensee's compliance with this chapter. A licensee shall maintain the following for at least five years:

(1) a record of each payment instrument or stored-value 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 obligations;

(5) records of each payment instrument and stored-value 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 requires by rule.

(b) The items specified in subsection (a) of this section may be maintained in any form of a record as permitted in subsection 11301(c) of this title.

(c) The licensee shall keep, use in the licensee's business, and make available to the commissioner upon request, such books, accounts, records, and data compilations as will enable the commissioner to determine whether such licensee is complying with the provisions of this chapter and with the rules and regulations lawfully made by the commissioner hereunder.

(d) All records maintained by the licensee as required in subsections (a) through (c) of this section are open to inspection by the commissioner pursuant to section 2530 of this title. (Added 2001, No. 55, { 1, eff. Jan. 1, 2002.)