Records (a) In addition to the records required to be maintained by section 2119 of this title and any other records the Commissioner requires pursuant to this chapter or rule, a licensee shall maintain the following records for at least five years for determining the licensee’s compliance with this chapter: (1) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts; (2) bank statements and bank reconciliation records; and(3) if the licensee is a money transmitter:(A) a record of each outstanding money transmission obligation sold;(B) records of outstanding money transmission obligations;(C) records of each outstanding money transmission obligation paid within the five-year period; and (D) a list of the last known names and addresses of all of the licensee’s authorized delegates.(b) The records specified in subsection (a) of this section shall be maintained in any form permitted in subsection 11301(c) of this title. (c) Records specified in subsection (a) of this section may be maintained outside this State if they are made accessible to the Commissioner on seven business-days’ notice. (Added 2023, No. 110 (Adj. (c) Records specified in subsection (a) of this section may be maintained outside this State if they are made accessible to the Commissioner on seven business-days’ notice. (Added 2023, No. 110 (Adj. Sess.), § 44, eff. July 1, 2024.)
Vermont Legal Code