(a)    A licensee shall keep the books and records that the Commissioner requires to determine compliance with this subtitle.

(b)    Unless a longer period is expressly required by State or federal law, a licensee shall retain the records required under this subtitle for a period of at least 2 years.

(c)    A licensee may retain the records required under this subtitle 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 or at the licensee’s principal place of business, as agreed by the Commissioner and the licensee, within 7 days of a written request for examination by the Commissioner.

(d)    In addition to any other books and records that the Commissioner may require, a licensee shall retain:

(1)    A chronological register of all payment instruments cashed by the licensee showing:

(i)    The name of the customer;

(ii)    The transaction date;

(iii)    The type and amount of payment instrument;

(iv)    The amount of fee charged; and

(v)    A complete description of the identification presented by the customer; and

(2)    The licensee’s bank statements and canceled checks.

(e)    A licensee shall retain the records required under this section in one of the following ways:

(1)    Original form;

(2)    An electronic equivalent approved by the Commissioner; or

(3)    A microphotographic copy approved by the Commissioner.