(A) A licensed check-cashing business
shall maintain its records for at least two years from the date of each
check-cashing transaction. The retention period for an advertisement commences
from the date the advertisement is published, broadcast, or
disseminated.
(B) Records shall be maintained at the
licensed location where the check-cashing transaction ocurred or at another
location approved in advance in writing by the superintendent. Records shall be
legible and maintained in a type size that is clearly readable without
magnification. The following records shall be maintained:
(1) A daily cash reconciliation that
summarizes daily activity, reconciles cash-on-hand at the opening of business
to cash-on-hand at the close of business, and separately reflects cash received
from the sale of checks, cash disbursed in cashing checks, redemption of
returned items, bank cash deposits and bank cash withdrawals.
(2) A sortable electronic general ledger
that contains records of all assets, liabilities, capital, income and expenses.
The general ledger must be posted within thirty business days of the close of
the month from the original daily record of checks cashed, summary of business,
or any other records of original entry. The general ledger may consolidate
activity at two or more locations of a licensed check-cashing business provided
that the books of original entries are maintained separately for each
location.
(3) A sortable electronic spreadsheet for
each government check cashed which contains the following fields of
information:
(a) The name of each issuer;
(b) The name and address of each payee;
(c) The date of each check;
(d) The date each check is cashed;
(e) The last five digits of the preprinted number on each
check;
(f) The face amount of each check;
(g) The amount of cash actually given to the person cashing
the check;
(h) The amounts of any and all fees charged or received for
cashing each check.
(4) A file of all
advertisements.
(C) Records shall be available at all
times during normal business hours for review by the
superintendent.
(D) A licensed check-cashing business shall segregate its
check-cashing business records from all other business records.
(E) Records pertaining to a licensed check-cashing business
may be maintained in their original paper form or on an electronic storage
media or system. Any records maintained on an electronic storage media or
system shall meet all of the following requirements:
(1) The electronic
storage media or system must preserve the records in a non-rewriteable,
non-erasable format;
(2) The electronic
storage media or system must verify automatically the quality and accuracy of
the storage media recording process;
(3) The electronic
storage media or system must serialize the original and the duplicate units of
storage media, and affix a date and time for the required period of retention
on both the original and duplicate;
(4) The electronic
storage media or system must have the capacity to readily download indices and
records preserved on the electronic storage media or system to any medium
acceptable to the superintendent;
(5) Acceptable facilities
and appropriate equipment must, at all times during normal business hours, be
available to the superintendent for immediate, easily readable projection or
production of electronic storage media or system images and for producing
easily readable images;
(6) Immediate facsimile
enlargement must be available upon the superintendent's
request;
(7) A duplicate copy of
the electronic record stored on any electronic media or system for the time
required must be stored separately from the "original" electronic
record;
(8) The electronic
storage media or system must organize and index accurately all information
maintained on both the original and duplicate storage media or system. At all
times, a licensee must be able to have indices of the electronic records being
stored available for examination by the superintendent. Each index must also be
duplicated and the duplicate copies must be stored separately from the original
copy of each index. Original and duplicate indices must be preserved for the
time required for the indexed records;
(9) An audit system will
be in place providing for accountability regarding inputting of records and
inputting any changes made to every original and duplicate record maintained
and preserved. At all times, a licensed check-cashing business must be able to
have the results of the audit system available for examination by the
superintendent. The audit results must be preserved for the time required for
the audited records;
(10) All information
necessary to access records and indices stored on the electronic storage media
or system, a copy of the physical and logical file format of the electronic
storage media or system, the field format of all different information types
written on the electronic storage media or system, together with the
appropriate documentation and information necessary to access records and
indices will be maintained, kept current and provided promptly to the
superintendent, upon request;
(11) No paper documents
produced or reproduced by means of an electronic storage media or system shall
be destroyed until the conditions of this paragraph have been met with regard
to each paper document that is to be destroyed; and
(12) At the request of
the superintendent, the records shall be printed on paper for inspection or
examination without cost to the superintendent within forty-eight hours of the
request. The superintendent may grant additional time for good cause shown upon
receipt of a request for additional time from the licensee.
(F) In order to reduce the risk of
consumer fraud and related harms, including identity theft, a licensed
check-cashing business shall be required to comply with section 216 of the
"Fair and Accurate Credit Transactions Act of 2003," 117 Stat. 1952
(amended 2010), 15 U.S.C. 1681w as in effect on April 1, 2015, section 501 of
the "Gramm Leach Bliley Act," 113 Stat. 1338 (1999) (amended 2010),
15 U.S.C. 6801 as in effect on April 1, 2015, and the rules promulgated
pursuant to those federal acts, including 16 C.F.R. Part 313 and 16 C.F.R. Part
682, as in effect April 1, 2015, pertaining to the maintenance, security, and
disposal of consumer information and records.
