Chapter 11: Telecommunications and Marketing
TSR Recordkeeping Requirements
The TSR requires sellers and telemarketers to keep specified records (ads, prize recipients, sales, employees, consent authorizations) for two years from the date produced, in any format, with only one copy needed and responsibility allocable by contract.
Records must generally be maintained for two years from the date the record is produced.
- Advertising and promotional materials
- Information about prize recipients
- Sales records
- Employee records
- All verifiable authorizations or records of express informed consent/agreement
Flexibility
Records may be electronic or paper; only one copy is required; and the seller and telemarketer can allocate by contract which party keeps which records. On dissolution the principal must keep records; on a sale/change of ownership the successor must keep them.