Maryland Code, FINANCIAL INSTITUTIONS 12-425
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 12-425
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(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.