Michigan Compiled Laws
Article 2 - (487.2131...487.2142)
Section 487.2141 - Books, Accounts, and Records; Preservation.

Sec. 21.
Each licensee shall keep and use in its business any books, accounts, and records the commissioner requires under this act. A licensee shall preserve the books, accounts, and records for at least 3 years, unless applicable state or federal law concerning record retention requires a longer retention period.
History: 2005, Act 244, Imd. Eff. Nov. 28, 2005

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 487 - Financial Institutions

Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173)

Article 2 - (487.2131...487.2142)

Section 487.2131 - Business of Providing Deferred Presentment Service Transactions; License Required; Scope of Act; Application Process and Timeline; Bulletin, Order, or Rule.

Section 487.2132 - Licensure Requirements.

Section 487.2133 - Application; Writing; Oath; Form; Information; Fee.

Section 487.2134 - License Fees; Disposition; Surety Bond.

Section 487.2135 - Issuance of License Upon Investigation That Requirements Satisfied; Posting Copy of License.

Section 487.2136 - Denial of Application or Failure to Act Within Certain Time Period; Hearing.

Section 487.2137 - License Not Transferable or Assignable; Change in Control; Duties of Licensee; Request for Information or Documentation; "Control" Defined.

Section 487.2138 - Report Describing Certain Event.

Section 487.2139 - Expiration and Renewal of License.

Section 487.2140 - Enforcement and Implementation of Act; Issuance of Orders and Rules; Correction of Inaccurate Information; Duties of Licensee if Database Not Operational; Examination of Business, Books, and Records.

Section 487.2141 - Books, Accounts, and Records; Preservation.

Section 487.2142 - Development, Implementation, and Maintenance of Database.