Section 12-922 - Retention of books, accounts, and records. - Maryland Statutes

§ 12-922. Retention of books, accounts, and records.
 

(a)  In general.- To enable the Commissioner to determine compliance with this subtitle, a licensee shall make and preserve the following books, accounts, and records for a period of at least 7 years: 

(1) A general ledger containing all assets, liability, capital, income, and expense accounts; 

(2) Each debt management services agreement between the licensee and a consumer; 

(3) Books and records for each consumer with whom the licensee has a debt management services agreement; 

(4) Bank statements and bank reconciliation records; 

(5) A copy of each written summary required under § 12-916(a)(1)(i)2 of this subtitle; and 

(6) A copy of each signed acknowledgment required under § 12-916(a)(1)(i)3 of this subtitle. 

(b)  Location of retained materials.- A licensee may retain the books, accounts, and records required under this section at any location, provided that the licensee: 

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

(2) Makes the books, accounts, and records available at a location in the State, as agreed by the Commissioner and the licensee, within 7 days after a written request for examination by the Commissioner. 

(c)  Form of retained materials.- A licensee shall retain the books, accounts, and records required under this section in: 

(1) Original form; or 

(2) Photographic, electronic, or other similar form approved by the Commissioner. 

(d)  Audit.- If the Commissioner finds that the books, accounts, and records of the licensee are insufficient to determine compliance with this subtitle, the Commissioner may require the licensee to have a certified public accountant audit the licensee, at the licensee's expense, for any period of time that the Commissioner considers necessary. 

(e)  Disclosure.-  

(1) A licensee shall keep all books, accounts, and records relating to a consumer confidential, and may not disclose any information about a consumer except to a duly authorized government official, the consumer, or the consumer's representative. 

(2) A duly authorized government official may disclose information obtained under paragraph (1) of this subsection only in accordance with Title 10, Subtitle 6 of the State Government Article. 

(f)  Application of section.- The requirements of this section also apply to books, accounts, and records in the possession of a subsidiary, affiliate, or other person that relate to the operation of and services provided by the licensee's debt management services business. 
 

[2003, chs. 374, 375; 2008, chs. 605, 606.]