§ 12-425

Maryland § 12-425

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 12

Text

(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 money transmission conducted;

(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 money transmissions;

(6) Records of each money transmission conducted within the 3–year period;

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

(8) A list of the dates that the training materials required under § 12–413.1 of this subtitle were provided to the licensee’s authorized delegates, agents, and subdelegates.

(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.