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§ 6-715. Books and records

MD Fin Inst Code § 6-715 (2019) (N/A)
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(a)    A credit union shall keep the books and records that the Commissioner requires to determine compliance with this title.

(b)    Unless a longer period is expressly required by State or federal law, a credit union shall retain the books and records required under subsection (a) of this section for a period of at least 5 years.

(c)    A credit union may retain the books and records required under subsection (a) of this section at any location, provided that the credit union:

(1)    Notifies the Commissioner in writing of the location of the books and records; and

(2)    Makes the books and records available at the credit union’s principal place of business, as agreed by the Commissioner and the credit union, within 7 days of a written request for examination by the Commissioner.

(d)    A credit union shall retain the books and records required under subsection (a) of 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.

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