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PARRIS N. GLENDENING, Governor
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Ch. 539
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(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 PAYMENT INSTRUMENTS;
(6) RECORDS OF EACH PAYMENT INSTRUMENT PAID WITHIN THE
3-YEAR PERIOD; AND
(7) A LIST OF THE NAMES AND ADDRESSES OF ALL THE LICENSEE'S
AUTHORIZED DELEGATES, PAST AND PRESENT.
(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
[12-420.] 12-426.
(a) Subject to the hearing provisions of [§ 12-421] § 12-428 of this subtitle, the
Commissioner may suspend or revoke the license of any licensee [who violates any
provision of this subtitle.] IF:
(1) THE LICENSEE OR ANY OWNER, DIRECTOR, OFFICER, MEMBER,
COVENTURER, PARTNER, STOCKHOLDER, EMPLOYEE, AGENT, OR AUTHORIZED
DELEGATE OR AGENT OF THE LICENSEE:
(I) MAKES ANY MATERIAL MISSTATEMENT IN AN APPLICATION
FOR A LICENSE; '
(II) CONDUCTS THE BUSINESS OF MONEY TRANSMISSION IN AN
UNSAFE OR UNSOUND MANNER;
(III) REFUSES TO PERMIT THE COMMISSIONER TO MAKE AN
EXAMINATION AUTHORIZED UNDER THIS SUBTITLE; '
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- 4083 -
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