§ 1261. Retention of records
(a) Except as otherwise provided in subsection (b) of this section, a holder required to file a report under section 1247 of this title shall maintain the records containing the information required to be included in the report for 10 years after the holder files the report, unless a shorter period is provided by the treasurer by rule.
(b) A business association or financial organization that sells, issues, or provides to others for sale or issues in this state traveler's checks, money orders, or similar instruments other than third-party bank checks, for which the business association or financial organization is directly liable, shall maintain a record of the instruments while they remain outstanding, indicating the state and date of issue, for three years after the holder files the report. (Added 2005, No. 161 (Adj. Sess.), § 1.)
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