(1) Except as otherwise provided in subsection (2), a holder required to file a report under 70-9-808 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.
(2) 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 3 years after the holder files the report.