Section 404 – Retention of records by holder.

• (1) A holder required to file a report under Section 67-4a-401 shall retain records for five years after the later of the date the report was filed or the last date a timely report was due to be filed, unless a shorter period is provided by rule of the administrator.

• (2) The holder may satisfy the requirement to retain records under this section through an agent.

• (3) The records shall contain:
  • (a) the information required to be included in the report;
  • (b) the date, place, and nature of the circumstances that gave rise to the property right;
  • (c) the amount or value of the property;
  • (d) the last address of the apparent owner, if known to the holder; and
  • (e) if the holder sells, issues, or provides to others for sale or issue in this state traveler’s checks, money orders, or similar instruments, other than third-party bank checks, on which the holder is directly liable, a record of the instruments while they remain outstanding indicating the state and date of issue.

Repealed and Re-enacted by Chapter 371, 2017 General Session