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§ 12-922. Retention of records

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2014

West's Annotated Code of Maryland
Financial Institutions
Title 12. Miscellaneous Institutions and Activities
Subtitle 9. Maryland Debt Management Services Act (Refs & Annos)
Effective: October 1, 2014
MD Code, Financial Institutions, § 12-922
§ 12-922. Retention of records
In general
(a) To enable the Commissioner to determine compliance with this subtitle, a licensee shall make and preserve the following books, accounts, and records for a period of at least 7 years:
(1) A general ledger containing all assets, liability, capital, income, and expense accounts;
(2) Each debt management services agreement between the licensee and a consumer;
(3) Books and records for each consumer with whom the licensee has a debt management services agreement;
(4) Bank statements and bank reconciliation records;
(5) A copy of each written summary required under § 12-916(a)(1)(i)2 of this subtitle; and
(6) A copy of each signed acknowledgment required under § 12-916(a)(1)(i)3 of this subtitle.
Records retained at any location
(b) A licensee may retain the books, accounts, and records required under this section at any location, provided that the licensee:
(1) Notifies the Commissioner in writing of the location of the books, accounts, and records; and
(2) Makes the books, accounts, and records available at a location in the State, as agreed by the Commissioner and the licensee, within 7 days after a written request for examination by the Commissioner.
Form of books, accounts, and records
(c) A licensee shall retain the books, accounts, and records required under this section in:
(1) Original form; or
(2) Photographic, electronic, or other similar form approved by the Commissioner.
Finding that books, accounts, and records of licensee are insufficient
(d) If the Commissioner finds that the books, accounts, and records of the licensee are insufficient to determine compliance with this subtitle, the Commissioner may require the licensee to have a certified public accountant audit the licensee, at the licensee's expense, for any period of time that the Commissioner considers necessary.
Confidentiality of books, accounts, and records
(e)(1) A licensee shall keep all books, accounts, and records relating to a consumer confidential, and may not disclose any information about a consumer except to a duly authorized government official, the consumer, or the consumer's representative.
(2) A duly authorized government official may disclose information obtained under paragraph (1) of this subsection only in accordance with Title 4 of the General Provisions Article.
Subsidiaries, affiliates, or other persons relating to operation of business
(f) The requirements of this section also apply to books, accounts, and records in the possession of a subsidiary, affiliate, or other person that relate to the operation of and services provided by the licensee's debt management services business.

Credits

Added by Acts 2003, c. 374, § 1, eff. Oct. 1, 2003; Acts 2003, c. 375, § 1, eff. Oct. 1, 2003. Amended by Acts 2008, c. 605, § 1, eff. June 1, 2008; Acts 2008, c. 606, § 1, eff. June 1, 2008; Acts 2014, c. 104, § 2, eff. Oct. 1, 2014.
MD Code, Financial Institutions, § 12-922, MD FIN INST § 12-922
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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