Section 12-114 - Books and records - Retention.
§ 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.
[2000, ch. 614, § 2.]