Maryland Financial Institutions Section 12-425

      (a)      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)      A licensee shall retain the records required under this section in:

            (1)      Original form; or

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

      (c)      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.