Books and Records

(1) A Licensee shall keep and use its books, records and accounts in a manner which will allow the Commissioner to determine whether the Licensee is complying with the provisions of M.G.L. c. 169B and applicable state and federal laws and regulations. (2) A Licensee shall maintain, for not less than 3 years: (a) a record of each outstanding money transmission obligation sold; (b) a general ledger posted not less than monthly containing all asset, liability, capital, income and expense accounts; (c) bank statements and bank reconciliation records; (d) records of outstanding money transmission obligations; (e) records of each outstanding money transmission obligation paid within the 3-year period; and (f) a list of the last known names and addresses of all of the Licensee’s authorized delegates.