(a) A licensee shall maintain all of the following records for determining its compliance with this chapter:

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Terms Used In Alabama Code 8-7A-14

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • following: means next after. See Alabama Code 1-1-1
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(1) A record of each payment instrument or stored-value obligation sold.
(2) A general ledger posted at least monthly containing all assets, liabilities, capital, income, and expense accounts.
(3) Bank statements and reconciliation records.
(4) Records of outstanding payment instruments and stored-value obligations.
(5) Records of each payment instrument and stored-value obligation paid within a five-year period.
(6) A list of names and addresses of all of the licensee’s authorized delegates.
(7) Any other record the commission requires by rule.
(b) The records referenced in subsection (a) shall be maintained by the licensee for a minimum of five years. Records may be maintained outside of the state.
(c) All records of a licensee, authorized delegate, or applicant shall be subject to reasonable, periodic, or special examination, at any time or from time to time, whether the records are located within or outside of this state, as the commission deems necessary or appropriate to the public interest. The licensee shall make any record available for inspection by the commission within five business days of the request.
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