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§ 12-425. Retention of records

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2021

West's Annotated Code of Maryland
Financial Institutions
Title 12. Miscellaneous Institutions and Activities
Subtitle 4. Maryland Money Transmission Act
Effective: October 1, 2021
MD Code, Financial Institutions, § 12-425
§ 12-425. Retention of records
In general
(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.
Form of records
(b) A licensee shall retain the records required under this section in:
(1) Original form; or
(2) Photographic, electronic, or other similar form.
Records retained at any location
(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.


Added by Acts 2002, c. 539, § 1, eff. Oct. 1, 2002. Amended by Acts 2014, c. 421, § 1, eff. Oct. 1, 2014; Acts 2021, c. 100, § 3, eff. Oct. 1, 2021.
MD Code, Financial Institutions, § 12-425, MD FIN INST § 12-425
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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