Section 12-114 - Books and records - Retention. - Maryland Statutes

§ 12-114. Books and records - Retention.
 

(a)  In general.- A licensee shall keep the books and records that the Commissioner requires to determine compliance with this subtitle. 

(b)  Period of retention.- 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)  Location.- A licensee may retain the records required under this subtitle at any location, provided that the licensee: 

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

(2) Makes the records available at a place of business for which a license has been issued or at the licensee's principal place of business, as agreed by the Commissioner and the licensee, within 7 days of a written request for examination by the Commissioner. 

(d)  Chronological register and bank statements.- 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)  Form.- 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. 
 

[2000, ch. 614, § 2.]