A. A licensee shall maintain the following records for determining its compliance with the Uniform Money Services Act for at least three 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 three-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 director reasonably requires by rule.
B. The items specified in Subsection A of this section may be maintained in writing, electronically or in any other form of record that is permitted by the director.
C. Records may be maintained outside New Mexico if they are made accessible to the director 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 of this section are open to inspection by the director pursuant to Section 601 [58-32-601 NMSA 1978] of the Uniform Money Services Act.
History: Laws 2016, ch. 88, § 605.
Effective dates. — Laws 2016, ch. 88, § 1007 makes Laws 2016, ch. 88 effective January 1, 2017.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
