209 CMR 45.11 - 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. 167F ยง 4; c. 169; or 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
licensed check casher shall also maintain, at a minimum, the following records:
(a) A daily 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; and
2. The
amount of the fee charged for cashing the check.
(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
licensed check casher and third parties relative to check cashing
activities.
(4) A
licensed foreign transmittal agency shall also maintain, at a minimum, the
following records:
(a) Bank account statements
including, but not limited to, paid checks, charges or other debits, deposit
slips, and other credits representing the entries reflected on such
statements;
(b) A system of books
and records that will enable the foreign transmittal agency to prepare an
accurate balance sheet and income statement;
(c) Daily work records, including purchase
and sales slips or other documentation needed to identify and reconstruct
foreign transmittal transactions with customers and foreign banks including,
but not limited to, documentation evidencing that a transfer was made to the
designated recipient in the original transfer amount; and
(d) Copies of any agreements between the
licensed foreign transmittal agency and third parties relative to foreign
transmittal activities.
(5) Each licensee shall preserve its books
and records for inspection for a minimum of three years.
(6) Each 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.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.