Books and Records

(1) Each Licensee shall comply with 209 CMR 48.00: Licensee Record Keeping and 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. 169A, 209 CMR 45.00; and state and federal laws and regulations, as applicable. (2) Each Licensee shall maintain quarterly financial statements that include a Balance Sheet and a year-to- date Income Statement that are prepared in accordance with U.S. generally accepted accounting principles and may be prepared internally or by an independent certified public accountant. (3)A Licensee shall maintain, at a minimum, the following records: (a) A daily written record of all check cashing transactions occurring each day, which shall be limited to the following, provided a sufficient audit trail is available through records obtainable from the Licensee's bank account(s): 1. The amount of the check cashed; 2. The amount of the fee charged for cashing the check; and 3. The name and address of the consumer conducting the transaction. (b) A daily cash reconcilement summarizing each day's activity and reconciling cash on hand at the opening of business to cash on hand at the close of business, and which shall separately reflect cash received from the redemption of returned items, bank cash withdrawals, cash disbursed in cashing of checks, and bank cash deposits; and (c) Copies of any agreements between the Licensee and third parties relative to check cashing activities. (4) A Licensee shall preserve its books and records for inspection for a minimum of three years. (5) A Licensee shall make such other statements and reports to the Commissioner as he or she may require in addition to the statements and reports required by law. The Commissioner may furnish blank forms for all such statements or reports.