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
Structure Michigan Compiled Laws
Chapter 487 - Financial Institutions
Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)
Section 487.1001 - Short Title.
Section 487.1002 - Definitions; a to L.
Section 487.1003 - Definitions; M to T.
Section 487.1004 - Applicability of Act.
Section 487.1011 - Money Transmission Services; License Required; Exception.
Section 487.1012 - License Application; Form; Information Required.
Section 487.1015 - Fee Schedule; Expiration and Renewal of License.
Section 487.1016 - Travel Expenses; Recovery of Fees and Fines; Collection; Disposition.
Section 487.1021 - Information Obtained in Examination or Investigation; Disclosure Prohibited.
Section 487.1022 - Joint Examination or Investigation.
Section 487.1023 - Changed Information; Filing; Events Requiring Filing of Report.
Section 487.1026 - Disclosure of Information.
Section 487.1031 - Permissible Investments.
Section 487.1032 - Investments Permitted Under MCL 487.1031; Limitation.
Section 487.1033 - Agreement Between Licensee and Authorized Delegate.
Section 487.1034 - Authorized Delegate; Prohibited Conduct; Duties.
Section 487.1042 - Violations; Penalties; Restitution.
Section 487.1043 - Summary Suspension Order.
Section 487.1044 - Cease and Desist Order.