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§ 6-715. Retention of books and records

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 6. Credit Unions (Refs & Annos)
Subtitle 7. Miscellaneous Regulations (Refs & Annos)
MD Code, Financial Institutions, § 6-715
§ 6-715. Retention of books and records
Currentness
In general
(a) A credit union shall keep the books and records that the Commissioner requires to determine compliance with this title.
Retention of books and records for five years
(b) Unless a longer period is expressly required by State or federal law, a credit union shall retain the books and records required under subsection (a) of this section for a period of at least 5 years.
Location of books and records retained
(c) A credit union may retain the books and records required under subsection (a) of this section at any location, provided that the credit union:
(1) Notifies the Commissioner in writing of the location of the books and records; and
(2) Makes the books and records available at the credit union's principal place of business, as agreed by the Commissioner and the credit union, within 7 days of a written request for examination by the Commissioner.
Form of retained books and records
(d) A credit union shall retain the books and records required under subsection (a) of this section in one of the following ways:
(1) Original form;
(2) An electronic equivalent approved by the Commissioner; or
(3) A microphotographic copy approved by the Commissioner.

Credits

Added by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001.
MD Code, Financial Institutions, § 6-715, MD FIN INST § 6-715
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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