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Can you summarize RICR Title 230, Chapter 40, Subchapter 20?
Banking > Money Servicers
Short Summary
This legal document governs the record retention requirements for money servicers in Rhode Island. It applies to licensees of the Department of Business Regulation, including the Office of the Health Insurance Commissioner. The document specifies the information that must be included in the records, such as the amount of currency, date forwarded, names and addresses of the parties involved, and currency serial numbers. The records must be kept in a separate record and made available for inspection by the director or their designee upon request. The licensee must not fail to submit or show the records or prevent inspection. The records can be maintained in any manner that allows retrieval, and they must be maintained for a minimum of five years following the transaction. Check casher licensees must also comply with additional requirements outlined in Part 2 of this Subchapter. Financial institutions, credit unions, and other insured-deposit-taking institutions authorized to do business in Rhode Island are exempt from being considered check cashers under R.I. Gen. Laws Chapter 19-14.1 but are authorized to cash checks.
Whom does it apply to?
Licensees of the Department of Business Regulation, including the Office of the Health Insurance Commissioner
What does it govern?
Record retention requirements for money servicers in Rhode Island
What are exemptions?
Financial institutions, credit unions, and other insured-deposit-taking institutions authorized to do business in Rhode Island are exempt from being considered check cashers
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Rhode Island