Maryland § 12-425
Full text of Maryland Maryland Code § 12-425, with citation guidance and answers to common questions.
§ 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 § 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.
Frequently Asked Questions About Maryland § 12-425
What does Maryland Code § 12-425 cover?
Section 12-425 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 12-425?
A common citation format is "Maryland Code § 12-425" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 12-425 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.