Terms Used In Michigan Laws 487.1025

  • Licensee: means a person that is licensed or required to be licensed under this act. See Michigan Laws 487.1002
  • Payment instrument: means any electronic or written check, draft, money order, travelers check, or other wire, electronic, or written instrument or order for the transmission or payment of money, sold or issued to 1 or more persons, whether or not the instrument is negotiable. See Michigan Laws 487.1003
  • Person: means an individual, partnership, association, corporation, limited liability company, trust, estate, joint venture, government, governmental subdivision, agency or instrumentality, public corporation, or any other legal entity. See Michigan Laws 487.1003
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Michigan Laws 487.1003
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or protectorate of the United States. See Michigan Laws 487.1003
  (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.