Record Retention

230-RICR-40-20-1 ACTIVE RULE

1.1 Applicability

Every person carrying on the business of transacting in money servicing, including sale of check and electronic money transmitter, shall make and preserve a record of each transaction.

1.2 Records to be Maintained

A. The records shall include, but not be limited to, all the following information:

1. the amount of currency;

2. the date forwarded;

3. the names and addresses of the persons forwarding or selling the currency;

4. the names and addresses of the persons to whom the currency is forwarding or by whom is purchasing;

5. and the serial number or other symbol of any of the currency.

B. The records shall be kept in a separate record for that purpose and shall always be open to inspection by the director or the director’s designee upon his or her request. The licensee shall not fail, neglect, or refuse to submit or show the record or prevent a proper person as defined in this section to inspect the record.

C. The records may be maintained in any manner which reasonably allow their retrieval and the licensee shall retrieve the records upon request of the Department.

D. The records shall be maintained for a minimum of five years following the transaction.

E. In addition to this section, check casher licensees must also comply with the more specific requirements of Part 2 of this Subchapter.

Title 230 Department of Business Regulation (includes the Office of the Health Insurance Commissioner)
Chapter 40 Banking
Subchapter 20 Money Servicers
Part 1 Record Retention
Type of Filing Adoption
Regulation Status Active
Effective 11/04/2018

Regulation Authority :

R.I. Gen. Laws § Chapters 19-14.3 and § 19-14-20

Purpose and Reason :

R.I. Gen. Laws Chapter 19-14.3 requires that persons or entities that sell checks or participate in electronic money transmitting in Rhode Island obtain licensure through the Department.  This regulation is designed to provide details about the statutory requirements of record retention by those licensees.