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§ 11-513. Books and records kept at licensed location and made available to Commissioner

West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2023

West's Annotated Code of Maryland
Financial Institutions
Title 11. Consumer Credit
Subtitle 5. Maryland Mortgage Lender Law (Refs & Annos)
Effective: July 1, 2023
MD Code, Financial Institutions, § 11-513
§ 11-513. Books and records kept at licensed location and made available to Commissioner
Currentness
In general
(a) Each licensee shall keep and make available to the Commissioner at the licensee's licensed location any books and records that the Commissioner, by rule or regulation, requires to enable the Commissioner to enforce:
(1) This subtitle;
(2) Any rule or regulation adopted under this subtitle; and
(3) Any other provision regulating the application, making, brokering, or servicing of mortgage loans under Titles 12 through 14 of the Commercial Law Article.
Duplicate records or electronic equivalents
(b) Subject to approval by the Commissioner, nothing in this section is to be construed to prohibit a licensee from maintaining duplicate records or electronic equivalents at the licensee's licensed location.
Exceptions
(c) Notwithstanding subsection (a) of this section, on approval of the Commissioner, a licensee need not keep at the licensee's licensed location any books and records otherwise required by the Commissioner under subsection (a) of this section if the licensee:
(1) Makes the books and records available to the Commissioner at the licensee's licensed location within 5 business days after the Commissioner's official request; and
(2) Retains the records for at least 61 months in a storage facility disclosed to the Commissioner.

Credits

Added by Acts 1989, c. 476, § 3, eff. July 1, 1989. Amended by Acts 2005, c. 132, § 1, eff. Oct. 1, 2005; Acts 2019, c. 92, § 1, eff. Oct. 1, 2019; Acts 2023, c. 567, § 1, eff. July 1, 2023.
MD Code, Financial Institutions, § 11-513, MD FIN INST § 11-513
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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