Retention of records by claimant representatives and buyers of abandoned property.

(1) Every claimant representative and buyer of abandoned property shall keep and use in his or her business such books, accounts, and records of the business conducted under this chapter to enable the department to determine whether such person is complying with this chapter and the rules adopted by the department under this chapter. Every claimant representative and buyer of abandoned property shall preserve such books, accounts, and records, including every Abandoned Property Recovery Agreement or Abandoned Property Purchase Agreement between the owner and such claimant representative or buyer, for at least 3 years after the date of the initial agreement.

(2) A claimant representative or buyer of abandoned property, operating at two or more places of business in this state, may maintain the books, accounts, and records of all such offices at any one of such offices, or at any other office maintained by such claimant representative or buyer of abandoned property, upon the filing of a written notice with the department designating in the written notice the office at which such records are maintained.

(3) A claimant representative or buyer of abandoned property shall make all books, accounts, and records available at a convenient location in this state upon request of the department.