1. (a) Each licensee shall make and preserve the following books, accounts, and records for a period of at least 3 years:

   1. (1) A record of each money transmission conducted;
   2. (2) A general ledger containing all assets, liability, capital, income, and expense accounts, which general ledger shall be posted at least monthly;
   3. (3) Settlement sheets received from each authorized delegate;
   4. (4) Bank statements and bank reconciliation records;
   5. (5) Records of outstanding money transmissions;
   6. (6) Records of each money transmission conducted within the 3-year period;
   7. (7) A list of the names and addresses of all the licensee's authorized delegates, past and present; and
   8. (8) A list of the dates that the training materials required under § 12-413.1 of this subtitle were provided to the licensee's authorized delegates, agents, and subdelegates.

2. (b) A licensee shall retain the records required under this section in:

   1. (1) Original form; or
   2. (2) Photographic, electronic, or other similar form.

3. (c) A licensee may retain the records required under this section at any location, provided that the licensee:

   1. (1) Notifies the Commissioner in writing of the location of the records; and
   2. (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.

Added by Acts 2002, c. 539, § 1, eff. Oct. 1, 2002. Amended by Acts 2014, c. 421, § 1, eff. Oct. 1, 2014; Acts 2021, c. 100, § 3, eff. Oct. 1, 2021.