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Maryland Code, Financial Institutions § 11-513

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Each licensee shall keep and make available to the Commissioner at the licensee's licensed location any books and records that the Commissioner, by rule or regulation, requires to enable the Commissioner to enforce:

(1) This subtitle;

(2) Any rule or regulation adopted under this subtitle; and

(3) Any other provision regulating the application, making, brokering, or servicing of mortgage loans under Titles 12 through 14 of the Commercial Law Article.

(b) Subject to approval by the Commissioner, nothing in this section is to be construed to prohibit a licensee from maintaining duplicate records or electronic equivalents at the licensee's licensed location.

(c) Notwithstanding subsection (a) of this section, on approval of the Commissioner, a licensee need not keep at the licensee's licensed location any books and records otherwise required by the Commissioner under subsection (a) of this section if the licensee:

(1) Makes the books and records available to the Commissioner at the licensee's licensed location within 5 business days after the Commissioner's official request; and

(2) Retains the records for at least 61 months in a storage facility disclosed to the Commissioner.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 11-513 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-11-513/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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