(a) the request is considered approved; and (b) the commissioner shall permit the change of control under this section to take effect as of the first business day after expiration of the period. (E) The commissioner, by rule of order, may exempt a person from any of the requirements of subsection (A)(2) and (3) if it is in the public interest to do so. (F) Subsection (A) does not apply to a public offering of securities. (G) Before filing a request for approval to acquire control of a licensee or person in control of a licensee, a person may request in a record a determination from the commissioner as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the commissioner determines that the person would not be a person in control of a licensee, the commissioner shall enter an order to that effect and the proposed person and transaction is not subject to the requirements of subsections (A) through (C). Section 3511520. (A) A licensee shall maintain the following records for determining its compliance with this act for at least three years: (1) a record of each payment instrument or storedvalue 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 storedvalue obligations; (5) records of each payment instrument and storedvalue obligation paid within the threeyear period; (6) a list of the last known names and addresses of all of the authorized delegates; and licensee’s (7) other records the commissioner reasonably requires by rule. (B) The items specified in subsection (A) may be maintained in any form of record. (C) Records may be maintained outside this State if they are made accessible to the commissioner on a seven businessday 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 Section 3511500.
(a) the request is considered approved; and (b) the commissioner shall permit the change of control under this section to take effect as of the first business day after expiration of the period. (E) The commissioner, by rule of order, may exempt a person from any of the requirements of subsection (A)(2) and (3) if it is in the public interest to do so. (F) Subsection (A) does not apply to a public offering of securities. (G) Before filing a request for approval to acquire control of a licensee or person in control of a licensee, a person may request in a record a determination from the commissioner as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the commissioner determines that the person would not be a person in control of a licensee, the commissioner shall enter an order to that effect and the proposed person and transaction is not subject to the requirements of subsections (A) through (C). Section 3511520. (A) A licensee shall maintain the following records for determining its compliance with this act for at least three years: (1) a record of each payment instrument or storedvalue 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 storedvalue obligations; (5) records of each payment instrument and storedvalue obligation paid within the threeyear period; (6) a list of the last known names and addresses of all of the licensee’s authorized delegates; and (7) other records the commissioner reasonably requires by rule. (B) The items specified in subsection (A) may be maintained in any form of record. (C) Records may be maintained outside this State if they are made accessible to the commissioner on a seven businessday 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 Section 3511500.
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