14-531. RETENTION OF RECORDS. (1) Every holder of unclaimed property under this chapter as to any property for which it has obtained the last known address of the owner, shall maintain a record of the name and last known address of the owner for seven (7) years after the year in which the property becomes unclaimed, except to the extent that a shorter time as provided in subsection (2) of this section or by rule of the administrator.
(2) Any business association that sells in this state its travelers checks, money orders, or other similar written instruments, other than third-party bank checks on which the business association is directly liable, or that provides such instruments to others for sale in this state, shall maintain a record of those instruments while they remain outstanding, indicating the state and date of issue for three (3) years after the year in which the property becomes unclaimed.
History:
[14-531, added 1983, ch. 209, sec. 2, p. 580; am. 1997, ch. 399, sec. 15, p. 1273.]
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