Section 12-922 - Retention of books, accounts, and records.
§ 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.
[2003, chs. 374, 375; 2008, chs. 605, 606.]