Michigan § 493.109 - Books, accounts, and records; maintenance, preservation, and availability; audit; cost.
Full text of Michigan Michigan Compiled Laws § 493.109 — Books, accounts, and records; maintenance, preservation, and availability; audit; cost., with citation guidance and answers to common questions.
§ 493.109. Books, accounts, and records; maintenance, preservation, and availability; audit; cost.
A licensee shall maintain records relating to all transactions under this act so that the commissioner may enforce full compliance with this act. Books and accounts kept at the licensee's principal place of business shall be made available to the commissioner upon request or the licensee shall pay for an examiner to go to the place where the records are kept.
The books, accounts, and records of the licensee shall be preserved and kept available for not less than 1 year after making the final entry on any loan recorded in the books, accounts, or records. The commissioner may for reasonable cause order an independent audit of the books and records of a licensee and the cost of the audit shall be an expense of the licensee.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 493.109
What does Michigan Compiled Laws § 493.109 cover?
Section 493.109 ("Books, accounts, and records; maintenance, preservation, and availability; audit; cost.") 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 § 493.109?
A common citation format is "Michigan Compiled Laws § 493.109" (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 § 493.109 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.