1.  A creditor or the designee of a creditor shall maintain records of the transactions governed by this chapter. The records must include, without limitation:

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(a) A copy of each type of guaranteed asset protection waiver that the creditor sells or offers for sale;

(b) The name and address of each borrower who possesses a guaranteed asset protection waiver under which the creditor has a duty to perform, to the extent that the creditor knows the name and address of each borrower; and

(c) The date and a description of each claim made by a borrower under a guaranteed asset protection waiver.

2.  A creditor or the designee of a creditor shall retain all records relating to a guaranteed asset protection waiver for at least 1 year after the contract has expired.

3.  The records required to be maintained pursuant to this section may be stored on a computer disc or other storage device for a computer from which the records may be readily printed.