Mich. Admin. Code R. 487.2122
Data retention; archiving; deletion.
(By authority conferred on the commissioner of the Office of Financial and Insurance Services by sections 20, 22, and 51 of 2005 PA 244, 1969 PA 306, E.R.O. No 2000-2 and E.R.O. No 2003-1; MCL 487.2140, MCL 487.2142, MCL 487.2171, MCL 24.231 to MCL 24.233, MCL 445.2003, and MCL 445.2011)Financial Institutions
The database provider shall do all of the following:
- (a) Retain data in the database only as required to ensure licensee compliance with the act.
- (b) Archive data in the database concerning a customer transaction within 365 days after the customer transaction is closed unless notified by the commissioner that such data is needed for a pending enforcement action.
- (c) Delete any identifying customer data from the database when data are archived.
- (d) Delete data concerning a customer transaction from the database 3 years after the customer transaction is closed or upon completion as determined by the Commissioner of any enforcement action pending 3 years after a customer transaction is closed, whichever is later.
History: 2007 AACS.