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Maryland Code, Financial Institutions § 6-715

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

(a) A credit union shall keep the books and records that the Commissioner requires to determine compliance with this title.

(b) Unless a longer period is expressly required by State or federal law, a credit union shall retain the books and records required under subsection (a) of this section for a period of at least 5 years.

(c) A credit union may retain the books and records required under subsection (a) of this section at any location, provided that the credit union:

(1) Notifies the Commissioner in writing of the location of the books and records; and

(2) Makes the books and records available at the credit union's principal place of business, as agreed by the Commissioner and the credit union, within 7 days of a written request for examination by the Commissioner.

(d) A credit union shall retain the books and records required under subsection (a) of 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 § 6-715 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-6-715/

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