§ 11-513. Books and records

   (a) In general. -- Each licensee shall keep and make available to the Commissioner at the licensee's place of business 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.

(b) Duplicate records. -- 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 place of business.

(c) Exceptions. -- Notwithstanding subsection (a) of this section, on approval of the Commissioner, a licensee need not keep at the licensee's place of business 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 place of business within 5 business days of the Commissioner's official request; and

   (2) Retains the records for at least 25 months in a storage facility disclosed to the Commissioner.

HISTORY: 1989, ch. 476, § 3; 2005, ch. 132.