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Statutes Text

Article - Financial Institutions


    (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;

        (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.

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