For how long must a licensee keep records of business transactions relevant to enforcement?

Prepare for the Ohio PISGS Qualifying Agent Exam. Study with flashcards and multiple choice questions, each featuring hints and explanations. Ace your exam with confidence!

The requirement for a licensee to maintain records of business transactions relevant to enforcement for the current year plus two previous years is based on the need for both transparency and accountability in operations. This time frame allows regulatory bodies adequate access to a comprehensive history of records, which can be crucial during audits, investigations, or compliance checks. Keeping records for this duration ensures that relevant information is preserved in case of any disputes or inquiries regarding past transactions or practices.

This policy strikes a balance; it is long enough to cover most enforcement scenarios while not being overly burdensome for businesses that need to manage and archive their records efficiently. Having documentation readily available for three years fosters trust and professionalism in the industry. The other options do not align with this requirement as they either keep records for too brief a period or extend beyond what is necessary for effective enforcement.

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