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§ 12-114. Books and records kept at any 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 12. Miscellaneous Institutions and Activities
Subtitle 1. Check Cashing Services (Refs & Annos)
Effective: July 1, 2023
MD Code, Financial Institutions, § 12-114
§ 12-114. Books and records kept at any location and made available to Commissioner
Currentness
In general
(a) A licensee shall keep the books and records that the Commissioner requires to determine compliance with this subtitle.
Retention requirements
(b) Unless a longer period is expressly required by State or federal law, a licensee shall retain the records required under this subtitle for a period of at least 2 years.
Books and records made available to Commissioner
(c) A licensee may retain the records required under this subtitle at any location, if the licensee:
(1) Notifies the Commissioner in writing of the location of the records; and
(2) Makes the records available at the licensed location, as agreed by the Commissioner and the licensee, within 7 days after a written request for examination by the Commissioner.
Other information retained by licensee
(d) In addition to any other books and records that the Commissioner may require, a licensee shall retain:
(1) A chronological register of all payment instruments cashed by the licensee showing:
(i) The name of the customer;
(ii) The transaction date;
(iii) The type and amount of payment instrument;
(iv) The amount of fee charged; and
(v) A complete description of the identification presented by the customer; and
(2) The licensee's bank statements and canceled checks.
Form of records
(e) A licensee shall retain the records required under 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 2000, c. 614, § 2, eff. Oct. 1, 2000. Amended by Acts 2023, c. 567, § 1, eff. July 1, 2023.
MD Code, Financial Institutions, § 12-114, MD FIN INST § 12-114
Current through legislation effective through April 25, 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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