Ohio Admin. Code 1301:8-8-03 - Recordkeeping
(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.
Replaces: 1301:8-8-03
Notes
Promulgated Under: 119.03
Statutory Authority: 1315.27
Rule Amplifies: 1315.27
Prior Effective Dates: 01/22/1995, 05/01/2010, 09/19/2016
Promulgated Under: 119.03
Statutory Authority: 1315.27
Rule Amplifies: 1315.27
Prior Effective Dates: 01/22/1995, 05/01/2010, 09/19/2016
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