Michigan Laws 492.111 – Books, accounts and records; maintenance
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(a) Every licensee shall maintain, at the place of business designated in the license certificate, such books, accounts and records of the business conducted under the license issued for such place of business as will enable the administrator to determine whether the business of the licensee contemplated by this act is being operated in accordance with the provisions of this act.
(b) A licensee, operating 1 or more licensed places of business in this state, may maintain the general control records of all such offices at any 1 of such offices, or at any other office maintained by such licensee, upon the filing of a written request with the administrator designating therein the office at which such control records are maintained and upon approval of such request by the administrator.
Terms Used In Michigan Laws 492.111
- Administrator: means the director of the department of insurance and financial services. See Michigan Laws 492.102
- Licensee: means a person issued a license under this act as an installment seller or a sales finance company and whose license has not expired or been surrendered or revoked, and in the plural means a person or persons licensed under 1 or both of these 2 classifications. See Michigan Laws 492.102
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(c) All books, accounts and records of licensee shall be maintained in the English language.
(d) All books, accounts and records of licensees, including any cards used in a card system, shall be preserved and available for examination by the administrator for at least 2 years after making the final entry therein.