1. (a) A licensee shall keep the books and records that the Commissioner requires to determine compliance with this subtitle.
2. (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.

3. (c) A licensee may retain the records required under this subtitle at any location, if the licensee:

   1. (1) Notifies the Commissioner in writing of the location of the records; and
   2. (2) Makes the records available at the licensed location, as agreed by the Commissioner and the licensee, within 7 days after a written request for examination by the Commissioner.

4. (d) In addition to any other books and records that the Commissioner may require, a licensee shall retain:

   1. (1) A chronological register of all payment instruments cashed by the licensee showing:

      1. (i) The name of the customer;
      2. (ii) The transaction date;
      3. (iii) The type and amount of payment instrument;
      4. (iv) The amount of fee charged; and
      5. (v) A complete description of the identification presented by the customer; and
   2. (2) The licensee's bank statements and canceled checks.

5. (e) A licensee shall retain the records required under this section in one of the following ways:

   1. (1) Original form;
   2. (2) An electronic equivalent approved by the Commissioner; or
   3. (3) A microphotographic copy approved by the Commissioner.

Added by Acts 2000, c. 614, § 2, eff. Oct. 1, 2000. Amended by Acts 2023, c. 567, § 1, eff. July 1, 2023.