Money Transmitter requirements of licensee, maintenance of records

Money Transmitter requirements of licensee, maintenance of records

Georgia Code Title 7 - Banking and Finance Chapter 1 – Financial Institutions, Article 4 – Money Transmitters § 7-1-689. Record keeping.

Each licensee shall make, keep, and use in its business such books, accounts, and records as the department may require to enforce the provisions of this article and the rules and regulations promulgated under it. Each licensee shall preserve such books, accounts, and records for five years or such greater period of time as prescribed in the department's rules and regulations.

Records required to be made, kept, and preserved pursuant to subsection (a) of this Code section may be maintained in a photographic, electronic, or other similar form.

Records required to be made, kept, and preserved pursuant to subsection (a) of this Code section may be maintained at a location outside of this state so long as such records are produced to the commissioner at the department's main office within ten days of the date of a written request by the department to the licensee.

Department Rule 80-3-3-.01 establishes rules and regulations for the maintenance and retention of money transmitter books and records.  Generally, all books, accounts, and records required by Department Rule 80-3-3-.01 are required to maintained for a minimum of five years.

Please refer to the Rule Chapter 80-3-3-.01 of Department’s Rules and Regulations for more information:  https://dbf.georgia.gov/laws-regulations-rulings-publications/dbf-regulations