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Maryland Code, Financial Institutions § 12-114

Current as of December 31, 2021 | Updated by FindLaw Staff

(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.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 12-114 - last updated December 31, 2021 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-12-114/

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