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PARRIS N. GLENDENING, Governor
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Ch. 614
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12-114.
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(A) A LICENSEE SHALL KEEP THE BOOKS AND RECORDS THAT THE
COMMISSIONER REQUIRES TO DETERMINE COMPLIANCE WITH THIS SUBTITLE.
(B) 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) 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) 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) 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.
12-115.
(A) AT ANY TIME AND AS OFTEN AS THE COMMISSIONER CONSIDERS
APPROPRIATE, THE COMMISSIONER MAY INVESTIGATE THE RECORDS AND BUSINESS
OPERATIONS OF A LICENSEE OR A PERSON WHO ACTS ON BEHALF OF A LICENSEE.
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- 3233 -
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