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23-55-605. Records.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-55-605. Records.
(a) A licensee shall maintain the following records for determining its compliance with this chapter for at least three years:
(1) a record of each payment instrument or stored-value or prepaid access obligation sold;
(2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts;
(3) bank statements and bank reconciliation records;
(4) records of outstanding payment instruments and stored-value and prepaid access obligations;
(5) records of each payment instrument and stored-value and prepaid access obligation paid within the three-year period;
(6) a list of the last known names and addresses of all of the licensee's authorized delegates; and
(7) any other records the commissioner reasonably requires by rule.
(b) The items specified in subsection (a) may be maintained photographically, electronically, or in any other form of record allowed by the commissioner.
(c) Records 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.
(d) All records maintained by the licensee as required in subsections (a) through (c) are open to inspection by the commissioner pursuant to § 23-55-601.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-55-605
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-55-605
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d85fe7420aa04db566f4bf57cdfdeee64243101b8b883a33879f03991f5476c2
Source location: content.xml paragraph 27028
Stored source content
23-55-605. Records.
(a) A licensee shall maintain the following records for determining its compliance with this chapter for at least three years:
(1) a record of each payment instrument or stored-value or prepaid access obligation sold;
(2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts;
(3) bank statements and bank reconciliation records;
(4) records of outstanding payment instruments and stored-value and prepaid access obligations;
(5) records of each payment instrument and stored-value and prepaid access obligation paid within the three-year period;
(6) a list of the last known names and addresses of all of the licensee's authorized delegates; and
(7) any other records the commissioner reasonably requires by rule.
(b) The items specified in subsection (a) may be maintained photographically, electronically, or in any other form of record allowed by the commissioner.
(c) Records 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.
(d) All records maintained by the licensee as required in subsections (a) through (c) are open to inspection by the commissioner pursuant to § 23-55-601.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-55-601. Authority to conduct examinations and investigations.
(a) The Securities Commissioner or the commissioner's designee may conduct an annual examination of a licensee or of any of its authorized delegates upon 45 days' notice in a record to the licensee.
(b) The commissioner may examine a licensee or its authorized delegate, at any time, without notice, if the commissioner has reason to believe that the licensee or authorized delegate is engaging in an unsafe or unsound practice or has violated or is violating this chapter or a rule adopted or an order issued under this chapter.
(c)(1) The licensee, applicant, or person subject to licensing under this chapter shall pay a fee for each examination, not to exceed one hundred fifty dollars ($150) per examiner for each day or for part of a day during which the examiner is absent from the office of the commissioner for the purpose of conducting the examination.
(2) In addition to the fee prescribed under subdivision (c)(1) of this section, the licensee, applicant, or person subject to licensing under this chapter may be required to pay the actual hotel and traveling expenses of each examiner traveling to and from the office of the commissioner while the examiner is conducting the examination.
(d) Information obtained during an examination under this chapter may be disclosed only as provided in § 23-55-607.
(e) The commissioner may:
(1) Make any investigations within or outside of this state that he or she deems necessary to determine whether a person has violated or is about to violate this chapter or any rule or order under this chapter, or to aid in the enforcement of this chapter;
(2) Require or permit a person to file a sworn, written statement or submit any other form of evidence concerning the m
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-55-601
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-55-601. This identifies an authority to review, not proof of applicability.