§ 12-922. Retention of books, accounts, and records

   (a) In general. -- 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.

(b) Location of retained materials. -- 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.

(c) Form of retained materials. -- 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.

(d) Audit. -- 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.

(e) Disclosure. --

   (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 10, Subtitle 6 of the State Government Article.

(f) Application of section. -- 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.

HISTORY: 2003, chs. 374, 375; 2008, chs. 605, 606.