2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 12-425 - Required records

§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.