(a) 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) 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) 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) 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) (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 4 of the General Provisions Article.
(f) 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.
Structure Maryland Statutes
Title 12 - Miscellaneous Institutions and Activities
Subtitle 9 - Maryland Debt Management Services Act
Section 12-902 - Applicability
Section 12-906 - Debt Management Services Without License Prohibited; Requirements
Section 12-907 - License Requirements
Section 12-909 - Fingerprints and Criminal History Records Check
Section 12-910 - Investigation; Time Period; Issuance; Denial
Section 12-911 - Contents of License; Authorization; Transfer; Display; Notice on Website
Section 12-912 - Term, Expiration, and Renewal of License
Section 12-915 - Change of Information Included in the Application
Section 12-916 - Requirements for Providing Debt Management Services
Section 12-917 - Trust Account
Section 12-920 - Prohibited Activities
Section 12-922 - Retention of Books, Accounts, and Records
Section 12-923 - Investigation
Section 12-924 - On-Site Examination
Section 12-925 - License Number to Be Included in Advertisement
Section 12-926 - Denial, Suspension, Revocation of License
Section 12-928 - Enforcement of Subtitle