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MICHIGAN STATUTES AND CODES
Section 487.1025 - Records.
Act 250 of 2006
487.1025 Records.
Sec. 25.
(1) A licensee or any person subject to this act shall maintain all of the following records for at least 3 years:
(a) A record of each payment instrument from the date it was created.
(b) A general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts.
(c) Bank statements and bank reconciliation records.
(d) Records of outstanding payment instruments.
(e) Records of each payment instrument paid within the 3-year period.
(f) A list of the last known names and addresses of all of the licensee's authorized delegates.
(g) Any other records the commissioner reasonably requires.
(2) The records described in subsection (1) may be stored on any tangible medium or in any electronic or other medium that is immediately retrievable in perceivable form.
(3) A licensee or other person may maintain the records described in subsection (1) outside of this state if they are made accessible to the commissioner.
History: 2006, Act 250, Imd. Eff. July 3, 2006