04 NCAC 03L .0501          BOOKS AND RECORDS

(a)  Each check-cashing business licensed by the Commissioner of Banks shall record all transactions of receipts and disbursements pertaining to checks cashed.  All entries shall be made as of the exact date the transactions occur.  A licensee shall maintain books and accounting records which shall include, at a minimum:

(1)           a daily transaction journal, or equivalent record, which shall show the customer's name for each transaction;

(2)           the written receipt required by G.S. 53-282(b); and

(3)           the bank statements of the licensee. If the statements are not maintained on the premises of the licensee, they must be made available upon request by the Office of the Commissioner of Banks.

(b)  These records shall be maintained at each business location and shall be made available by the close of business on the next business day upon request to the Commissioner of Banks or his designee for inspection or examination for a period of not less than three years from the date of final entry.

(c)  No books or records of the licensee required hereunder shall show any account or reflect any transaction other than those related to the check-cashing business within the provisions of the Check-Cashing Businesses Act.

(d)  Books and records retained by a licensee which arise from or relate to a prior accounting period may be maintained in the form of magnetic tape, magnetic disk, or other form of computer, electronic or microfilm media available for examination on the basis of computer printed reproduction, video display, or other medium so long as any books and records kept in such manner are convertible into legible, tangible documents within 72 hours of request of the Commissioner.  The time for such conversion may be extended if the Commissioner determines that the burden to the licensee of such conversion exceeds the benefit to the Commissioner and the public. 


History Note:        Authority G.S. 53C-2-1; 53C-2-2; 53-282; 53-288;

Eff. July 1, 2000;

Amended Eff. November 1, 2013.