70-9-314. Records requirements -- examination. (1) Every holder required to file a report under 70-9-301 concerning any property for which it has obtained the last-known address of the owner shall maintain a record of the name and last-known address of the owner for 10 years after the property becomes reportable, except to the extent that a shorter time is provided in subsection (2).
     (2) Any business association that sells its travelers' checks, money orders, or similar written instruments, other than third-party bank checks on which the business association is directly liable, or that provides such instruments to others for sale in this state shall maintain a record of those instruments while they remain outstanding, indicating the state and date of issue, for 5 years after the date the property is reportable.
     (3) The department or its designated agent may at reasonable times and upon reasonable notice examine the records of any person who it has reason to believe may be holding unclaimed property. In addition, the department shall, in the course of conducting an investigation, examination, or audit under Title 15, identify any abandoned property which is subject to parts 1 through 3.
     (4) The commissioner of insurance shall, in the course of conducting an investigation, examination, or audit under Title 33, identify any abandoned property which is subject to parts 1 through 3 and shall, as soon as practicable, give a detailed report of any such identification to the department.
     (5) The department of commerce shall, in the course of conducting an investigation, examination, or audit under Title 32, identify any abandoned property which is subject to parts 1 through 3 and shall, as soon as practicable, give a detailed report of any such identification to the department.
     (6) If a holder fails to maintain the records required by this section or if his records for the period subject to this chapter are insufficient to permit the preparation of a report, the department may require him to report and pay such amounts as the department may reasonably estimate from any available records.

     History: En. Sec. 23, Ch. 244, L. 1963; amd. Sec. 13, Ch. 216, L. 1971; amd. Sec. 36, Ch. 391, L. 1973; R.C.M. 1947, 67-2223; amd. Sec. 1, Ch. 128, L. 1979; amd. Sec. 2, Ch. 274, L. 1981; amd. Sec. 9, Ch. 269, L. 1983; amd. Sec. 1, Ch. 14, L. 1989.