Maryland Statutes
Subtitle 4 - Maryland Money Transmission Act
Section 12-425 - Required Records

(a)    Each licensee shall make and preserve the following books, accounts, and records for a period of at least 3 years:
        (1)    A record of each money transmission conducted;
        (2)    A general ledger containing all assets, liability, capital, income, and expense accounts, which general ledger shall be posted at least monthly;
        (3)    Settlement sheets received from each authorized delegate;
        (4)    Bank statements and bank reconciliation records;
        (5)    Records of outstanding money transmissions;
        (6)    Records of each money transmission conducted within the 3–year period;
        (7)    A list of the names and addresses of all the licensee’s authorized delegates, past and present; and
        (8)    A list of the dates that the training materials required under § 12–413.1 of this subtitle were provided to the licensee’s authorized delegates, agents, and subdelegates.
    (b)    A licensee shall retain the records required under this section in:
        (1)    Original form; or
        (2)    Photographic, electronic, or other similar form.
    (c)    A licensee may retain the records required under this section 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, as agreed by the Commissioner and the licensee, within 7 days after a written request for examination by the Commissioner.

Structure Maryland Statutes