Section 6-715 - Books and records. - Maryland Statutes

§ 6-715. Books and records.
 

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

(b)  Term.- 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)  Location.- 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)  Form.- 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. 
 

[2001, ch. 147, § 1; ch. 148, § 1.]