§ 12-114. Books and records -- Retention

   (a) In general. -- A licensee shall keep the books and records that the Commissioner requires to determine compliance with this subtitle.

(b) Period of retention. -- 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.

(c) Location. -- A licensee may retain the records required under this subtitle at any location, provided that the licensee:

   (1) Notifies the Commissioner in writing of the location of the records; and

   (2) Makes the records available at a place of business for which a license has been issued or at the licensee's principal place of business, as agreed by the Commissioner and the licensee, within 7 days of a written request for examination by the Commissioner.

(d) Chronological register and bank statements. -- 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.

(e) Form. -- 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.

HISTORY: 2000, ch. 614, § 2.