§ 6 — Report of condition; audited financial statements; authorized delegate reporting; reports of certain events; bank secrecy act reports; maintenance of records

[ Text of section added by 2024, 312, Sec. 3 effective January 1, 2026. See 2024, 312, Sec. 6.]Section 6. (a)(1) Each licensee shall submit a report of condition within 45 days of the end of the calendar quarter, or within any extended time as the commissioner may prescribe.(2) The report of condition shall include:(i) financial information of the licensee;(ii) nationwide and state-specific money transmission transaction information in every jurisdiction in the United States where the licensee is licensed to engage in money transmission;(iii) a permissible investments report;(iv) transaction destination country reporting for money received for transmission, if applicable; and(v) any other information the commissioner reasonably requires with respect to the licensee.(3) The commissioner may utilize NMLS for the submission of the report required by paragraph (1) and may change or update as necessary the requirements of this subsection to carry out the purposes of this chapter and maintain consistency with NMLS reporting.(4) The information required by clause (iv) of paragraph (2) shall only be included in a report of condition submitted within 45 days of the end of the fourth calendar quarter.(b)(1) Each licensee shall, within 90 days after the end of each fiscal year, or within any extended time as the commissioner may prescribe, file with the commissioner:(i) an audited financial statement of the licensee for the fiscal year prepared in accordance with generally accepted accounting principles issued by the Financial Accounting Standards Board; and(ii) any other information as the commissioner may reasonably require.(2) The audited financial statements shall be prepared by an independent certified public accountant and shall include or be accompanied by a certificate of opinion of the independent certified public accountant that is satisfactory in form and content to the commissioner. If the certificate or opinion is qualified, the commissioner may order the licensee to take any action as the commissioner may find necessary to enable the independent or certified public accountant or independent public accountant to remove the qualification.(c)(1) Each licensee shall submit a report of authorized delegates within 45 days of the end of the calendar quarter. The commissioner may utilize NMLS for the submission of the report required by this paragraph; provided, however, that such functionality is consistent with the requirements of this subsection.(2) The authorized delegate report shall include, at a minimum, each authorized delegate's: (i) company legal name; (ii) taxpayer employer identification number; (iii) principal provider identifier; (iv) physical and mailing addresses; (v) business conducted in other states, if any; (vi) fictitious or trade name, if any; (vii) contact person name, phone number and email address; (viii) start date as licensee's authorized delegate; (ix) end date acting as licensee's authorized delegate, if applicable; and (x) other information, as the commissioner reasonably requires.(d)(1) A licensee shall file a report with the commissioner within 1 business day after the licensee has reason to know of the occurrence of:(i) the filing of a petition by or against the licensee under 11 U.S.C. § 101 to 110, inclusive, as amended or recodified from time to time, for bankruptcy or reorganization;(ii) the filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors; or(iii) the commencement of a proceeding to revoke or suspend its license in a state or country in which the licensee engages in business or is licensed.(2) A licensee shall file a report with the commissioner within 3 business days after the licensee has reason to know of the occurrence of a charge or conviction of the licensee, a key individual, a person in control of the licensee or an authorized delegate for a felony committed by the licensee.(e) A licensee and an authorized delegate shall file all reports required by federal currency reporting, record keeping and suspicious activity reporting requirements as set forth in the Bank Secrecy Act and other federal and state laws pertaining to money laundering. The timely filing of a complete and accurate report required under this subsection with the appropriate federal agency shall be deemed compliant with the requirements of this subsection.(f)(1) A licensee shall maintain, for not less than 3 years, for determining its compliance with this chapter:(i) a record of each outstanding money transmission obligation sold;(ii) a general ledger posted not less than monthly containing all asset, liability, capital, income and expense accounts;(iii) bank statements and bank reconciliation records;(iv) records of outstanding money transmission obligations;(v) records of each outstanding money transmission obligation paid within the 3-year period;(vi) a list of the last known names and addresses of all of the licensee's authorized delegates; and(vii) any other records the commissioner reasonably requires by rule or regulation.(2) The items specified in paragraph (1) may be maintained in any form of record.(3) Records specified in paragraph (1) may be maintained outside the commonwealth if they are made accessible to the commissioner on 7 business-days' notice that is sent in writing.(4) All records maintained by the licensee as required in clauses (i) to (iii), inclusive, of paragraph (1) shall be subject to inspection by the commissioner pursuant to paragraph (1) of subsection (c) of section 3.