(1) For property loaned to a museum on or after March 26, 1997, the museum shall do all of the following at the time of the loan:
(a) Make and retain a written record containing at least all of the following:
(i) The lender’s name, address, and telephone number;
(ii) A description of the property loaned in sufficient detail for ready identification;
(iii) The beginning date of the loan; and
(iv) The expiration date of the loan.
(b) Provide the lender with a signed receipt or loan agreement containing at a minimum the record set forth in subsection (a) above.
(c) Inform the lender of the existence of this chapter and provide the lender with a copy of this chapter upon the lender’s request.
(2) Regardless of the date of a loan of property, the museum shall do the following:
(a) Update its records if a lender informs the museum of a change of address or change in ownership of property loaned, or if the lender and museum negotiate a change in the duration of the loan; and
(b) Inform the lender of the existence of this chapter when renewing or updating the records of an existing loan and provide the lender with a copy of this chapter upon the lender’s request.
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