Maryland Statutes
Subtitle 9 - Maryland Debt Management Services Act
Section 12-922 - Retention of Books, Accounts, and Records

(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

Maryland Statutes

Financial Institutions

Title 12 - Miscellaneous Institutions and Activities

Subtitle 9 - Maryland Debt Management Services Act

Section 12-901 - Definitions

Section 12-902 - Applicability

Section 12-904 - Fees

Section 12-905 - Credit of Revenue From Licensing and Payment of Fines and Penalties Into Various Funds

Section 12-906 - Debt Management Services Without License Prohibited; Requirements

Section 12-907 - License Requirements

Section 12-908 - Application

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 12-913 - Surrender

Section 12-914 - Surety Bond

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 12-918 - Fees

Section 12-919 - Accounting

Section 12-920 - Prohibited Activities

Section 12-921 - Reports

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 12-927 - Hearing

Section 12-928 - Enforcement of Subtitle

Section 12-929 - Penalty for Violation of Subtitle

Section 12-930 - Civil Action

Section 12-931 - Title