# Financial Institutions (GFI)

## Title 12. Miscellaneous Institutions and Activities

### Subtitle 4. Maryland Money Transmission Act

#### Section 12-425

(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 Sec. 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.

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Md. Code Ann., Fin. Inst. (as displayed at mgaleg.maryland.gov, October 16, 2026)