Retention of records by holder.

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(1) A holder required to file a report under section 38-13-401 shall retain records for ten years after the later of the date the report was filed or the last date a timely report was due to be filed, unless a shorter period is provided by rule of the administrator. A holder may satisfy the requirement to retain records under this section through an agent. The records must contain:

  1. The information required to be included in the report;

  2. The date, place, and nature of the circumstances that gave rise to the property right;

  3. The amount or value of the property;

  4. The last address of the apparent owner, if known to the holder; and

  5. If the holder sells, issues, or provides to others for sale or issue in this state traveler'schecks, money orders, or similar instruments, other than third-party bank checks, on which the holder is directly liable, a record of the instruments while they remain outstanding indicating the state and date of issue.

Source: L. 2019: Entire article R&RE, (SB 19-088), ch. 110, p. 428, § 1, effective July 1, 2020.


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