§ 12-114
223 words·~1 min read·
/md/financial-institutions/12-114A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§12–114.
(a)A licensee shall keep the books and records that the Commissioner requires to determine compliance with this subtitle.
(b)Unless a longer period is expressly required by State or federal law, a licensee shall retain the records required under this subtitle for a period of at least 2 years.
(c)A licensee may retain the records required under this subtitle at any location, if the licensee:
(1)Notifies the Commissioner in writing of the location of the records; and
(2)Makes the records available at the licensed location, as agreed by the Commissioner and the licensee, within 7 days after a written request for examination by the Commissioner.
(d)In addition to any other books and records that the Commissioner may require, a licensee shall retain:
(1)A chronological register of all payment instruments cashed by the licensee showing:
(i)The name of the customer;
(ii)The transaction date;
(iii)The type and amount of payment instrument;
(iv)The amount of fee charged; and
(v)A complete description of the identification presented by the customer; and
(2)The licensee’s bank statements and canceled checks.
(e)A licensee shall retain the records required under this section in one of the following ways:
(1)Original form;
(2)An electronic equivalent approved by the Commissioner; or
(3)A microphotographic copy approved by the Commissioner.