567.252 Maintenance of records; required time periods.

189 words·~1 min read·/mi/chapter-567/567-252

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 32.

(1)A holder required to file a report under section 18, as to any property for which it has obtained the last known address of the owner, shall maintain a record of the name and last known address of the owner for 10 years, or, for the holder of records of transactions between 2 or more associations as defined under section 37(a)(2), for 5 years, after the property becomes reportable, except to the extent that a shorter time is provided in subsection

(2)or by rule of the administrator.

(2)A business association that sells in this state its travelers checks, money orders, or other similar written instruments, other than third-party bank checks on which the business association is directly liable, or that provides those instruments to others for sale in this state, shall maintain a record of those instruments while they remain outstanding, indicating the state and date of issue for 3 years after the date the property is reportable.

History: 1995, Act 29, Eff. Mar. 28, 1996 ;-- Am. 2012, Act 292 , Imd. Eff. Aug. 1, 2012