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:
(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.