Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 657/60

(205 ILCS 657/60)

Sec. 60.

Records maintenance.

(a) A licensee shall keep and use in its business books, accounts, and
records in accordance with generally accepted accounting principles that will
enable the Director to determine whether the licensee is complying with the
provisions of this Act or any other Act the administration of which is vested
in the Director.  A licensee shall preserve all of the following records or
such
data as may be in electronic or other retrievable form for at least 5 years:

(1) General ledger records.

(2) Settlement sheets received from authorized

transmitter sellers.

(3) All records of final entry.

(4) Bank statements.

(5) Bank reconciliation records.

(b) A licensee shall require and its authorized sellers must preserve
for at
least 5 years all documents relating to money transmission activities, unless
the data embodied in those documents has been transmitted for recordation by
the
licensee.

(c) The records of the licensee regarding the business regulated under this
Act shall be maintained at its principal place of business or, with notice to
the Director, at another location designated by the licensee.  If the records
are maintained outside this State, the licensee shall make them accessible to
the Director.

(Source: P.A. 88-643, eff. 1-1-95.)