Skip to main content
Find a Lawyer

Michigan Compiled Laws, Chapter 487. Financial Institutions § 487.1025

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 25. (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.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 487. Financial Institutions § 487.1025 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-487-financial-institutions/mi-comp-laws-487-1025/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard