West Virginia Code 36-8-21 – Retention of records
(a) Except as otherwise provided in subsection (b) of this section, a holder required to file a report under section seven of this article shall maintain the records containing the information required to be included in the report for ten years after the holder files the report, unless a shorter period is provided by rule of the administrator.
Terms Used In West Virginia Code 36-8-21
- Administrator: means the State Treasurer. See West Virginia Code 36-8-1
- Business association: means a corporation, joint stock company, investment company, partnership, unincorporated association, joint venture, limited liability company, business trust, trust company, safe deposit company, financial organization, insurance company, mutual fund, utility, or other business entity consisting of one or more persons, whether or not for profit. See West Virginia Code 36-8-1
- Financial organization: means a savings and loan association, bank, banking organization, or credit union. See West Virginia Code 36-8-1
- Holder: means a person obligated to hold for the account of, or deliver or pay to, the owner property that is subject to this article. See West Virginia Code 36-8-1
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See West Virginia Code 36-8-1
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico or any territory or insular possession subject to the jurisdiction of the United States. See West Virginia Code 36-8-1
(b) 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 third-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 three years after the holder files the report.