6.1-378.5 - (Repealed effective October 1, 2010) Retention of books, accounts, and records. - Virginia Statutes

§ 6.1-378.5. (Repealed effective October 1, 2010) Retention of books,accounts, and records.

A. Every licensee shall maintain in its licensed offices such books, accountsand records as the Commission may reasonably require in order to determinewhether such licensee is complying with the provisions of this chapter andother laws applicable to the conduct of its licensed business. Such books,accounts and records shall be maintained apart and separate from any otherbusiness in which the licensee is involved.

B. Each licensee shall retain the following records for at least three years:

1. A record of each money transmission transaction and money order 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 money orders and money transmission transactions;

5. Records of each money order and money transmission transaction paid orcompleted within the three-year period; and

6. A list of the names, addresses, and telephone numbers of all of thelicensee's authorized delegates.

C. Each licensee shall maintain policies and procedures sufficient for it tocomply with this chapter and all other laws and regulations applicable to theconduct of its licensed business. A licensee shall furnish copies of itspolicies and procedures, as amended, to all of its authorized delegates.

(2009, c. 346.)