Michigan § 487.1025 - Records.
Full text of Michigan Michigan Compiled Laws § 487.1025 — Records., with citation guidance and answers to common questions.
§ 487.1025. Records.
(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.
Frequently Asked Questions About Michigan § 487.1025
What does Michigan Compiled Laws § 487.1025 cover?
Section 487.1025 ("Records.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 487.1025?
A common citation format is "Michigan Compiled Laws § 487.1025" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 487.1025 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.