The Executive Director shall: maintain a record of: each license issued or approved under this article and Titles 16, 16.5, 16.7, and 16.9 of the Business Regulation Article; and any revocation, suspension, or cancellation of a license and any restriction imposed on a license with a brief explanation of the reason for the action; and allow any person to inspect the records at the Office of the Executive Director during regular business hours. The records of licenses required under subsection (a) of this section and any indices or dockets created to maintain the records: shall be retained for the later to occur of: 3 years after the date of the last record entry; or the date on which all audit requirements have been complied with; and may be destroyed after: the retention period in item (1) of this subsection has expired; and Title 10, Subtitle 6, Part III of the State Government Article has been complied with.