Record Retention

Maine law requires holders to maintain the records containing reported information for 10 years after the holder files the report, unless a shorter period is allowed by the administrator. Electronic record storage (scanned documents, microfilm or fiche, etc.) is acceptable provided the records remain accessible upon request as noted above.

§1972. Retention of Records

     1. Holder of property. Except as otherwise provided in subsection 2, a holder required to file a report under section 1958 shall maintain the records containing the information required to be included in the report for 10 years after the holder files the report, unless a shorter period is provided by rule of the administrator. [1997, c. 508, Pt. A, §2 (new); §3 (aff).]

     2. Business association or financial organization. A business association or financial organization that sells, issues or provides to others for sale or issue in this State traveler's checks, money orders or similar instruments other than 3rd-party bank checks, on which the business association or financial organization is directly liable, shall maintain a record of the instruments while they remain outstanding, indicating the state and date of issue, for 3 years after the holder files the report. [1997, c. 508, Pt. A, §2 (new); §3 (aff).]