55-210.24:1 - Retention of records - Virginia Statutes

§ 55-210.24:1. Retention of records.

A. Every holder required to file a report under § 55-210.12, shall retain allbooks, records and documents necessary to establish the accuracy andcompliance of such report for five years after the report is filed pursuantto subsection B of § 55-210.12. If no report is filed, the holder shallretain such books, records and documents for ten years after the propertybecomes reportable, except to the extent that shorter time is provided inaccordance with the Virginia Public Records Act (§ 42.1-76 et seq.), or insubsection B of this section or by rule of the administrator. As to anyproperty for which it has obtained the last known address of the owner, theholder shall maintain a record of the name and last known address of theowner for the same retention period.

B. Any business association that sells in this Commonwealth its travelerschecks, money orders, or other similar written instruments, other thanthird-party bank checks on which the business association is directly liable,or that provides such instruments to others for sale in this Commonwealth,shall maintain a record of those instruments while they remain outstanding,indicating the state and date of issue for three years after the date theproperty is reportable.

(1983, c. 190; 1985, c. 294; 1988, c. 378; 2000, cc. 733, 745.)