Ch. 375                                    2003 LAWS OF MARYLAND

(V)     THE FILING OF ANY MATERIAL LITIGATION AGAINST THE
LICENSEE, OR ITS OWNERS, OFFICERS, DIRECTORS, OR PRINCIPALS, OR DEBT
MANAGEMENT COUNSELORS, THAT IS RELATED TO THE LICENSEE'S DEBT
MANAGEMENT SERVICES BUSINESS; AND

(VI)    A LIST OF ALL THIRD-PARTY VENDORS AND OTHER SERVICE
PROVIDERS THAT THE LICENSEE USED IN PROVIDING DEBT MANAGEMENT
SERVICES AT ANY TIME IN THE PRECEDING CALENDAR YEAR.

(2) THE WRITTEN REPORT REQUIRED UNDER PARAGRAPH (1) OF THIS
SUBSECTION SHALL BE SENT TO THE COMMISSIONER BY CERTIFIED MAIL, RETURN
RECEIPT REQUESTED, AND INCLUDE DETAILS SUFFICIENT TO IDENTIFY THE EVENT.

(C)     THE COMMISSIONER MAY REQUIRE ANY OTHER REPORTS FROM A
LICENSEE THAT THE COMMISSIONER CONSIDERS NECESSARY.

(D)     IF A LICENSEE FAILS TO MAKE ANY REPORT REQUIRED BY THIS SUBTITLE,
THE LICENSEE SHALL PAY TO THE COMMISSIONER $25 MAY REQUIRE THE LICENSEE
TO PAY A SURCHARGE NOT EXCEEDING $50 FOR EACH DAY THAT THE REPORT IS
OVERDUE.

12-922.

(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 5 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; AND

(4)      BANK STATEMENTS AND BANK RECONCILIATION RECORDS.

(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

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