Section 12-425 - Required records. - Maryland Statutes

§ 12-425. Required records.
 

(a)  In general.- Each licensee shall make and preserve the following books, accounts, and records for a period of at least 3 years: 

(1) A record of each payment instrument sold or issued; 

(2) A general ledger containing all assets, liability, capital, income, and expense accounts, which general ledger shall be posted at least monthly; 

(3) Settlement sheets received from each authorized delegate; 

(4) Bank statements and bank reconciliation records; 

(5) Records of outstanding payment instruments; 

(6) Records of each payment instrument paid within the 3-year period; and 

(7) A list of the names and addresses of all the licensee's authorized delegates, past and present. 

(b)  Form.- A licensee shall retain the records required under this section in: 

(1) Original form; or 

(2) Photographic, electronic, or other similar form. 

(c)  Location.- A licensee may retain the records required under this section 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, as agreed by the Commissioner and the licensee, within 7 days after a written request for examination by the Commissioner. 
 

[2002, ch. 539.]