§ 12–425
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 12-425 (2026)
Title 12. Miscellaneous Institutions and Activities
Subtitle 4. Maryland Money Transmission Act
§ 12–425LinkCopy Citation
(a)
Each licensee shall make and preserve the following books, accounts, and records for a period of at least 3 years:
(1)
A record of each money transmission conducted;
(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 money transmissions;
(6)
Records of each money transmission conducted within the 3–year period;
(7)
A list of the names and addresses of all the licensee’s authorized delegates, past and present; and
(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.
(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.