1.    A licensee shall maintain the following records, for determining its compliance with this chapter for at least six years:

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Terms Used In North Dakota Code 13-09.1-23

  • following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
  • 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.
  • Rule: includes regulation. See North Dakota Code 1-01-49
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49

a.    A record of each outstanding money transmission obligation sold; b.    A general ledger posted at least 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 six-year period;     f.    A list of the last-known names and addresses of all of the licensee’s authorized delegates; and

g.    Any other records the commissioner reasonably requires by rule.

2.    The items specified in subsection 1 may be maintained in any form of record.

3.    Records specified in subsection 1 may be maintained outside this state if they are made accessible to the commissioner on seven business days’ notice that is sent in a record.

4.    All records maintained by the licensee as required in subsections 1 through 3 are open to inspection by the commissioner pursuant to subsection 1 of section 13-09.1-06.