SECTION 7. Informing lender of provisions of chapter at time loan of property made; retention of records; notification of change in property ownership; filing of notice of interest in property

(a)(1) A museum accepting a loan of property shall inform the lender, in writing, of the provisions of this chapter at the time the loan is made. A copy of this chapter or a citation to this chapter within the loan agreement shall satisfy the requirements of this subsection.

(2) A museum shall notify a lender or claimant of the museum's change of address or dissolution.

(3) A museum shall retain all written records regarding property acquired under this chapter for at least 10 years from the date that the museum acquired title to the property or until the dissolution of the museum, whichever occurs first.

(b)(1) A lender, a lender's heir or legal agent, or a claimant shall notify the museum promptly, in writing, of a change in ownership of loaned property or if there is a change in the name or address of the lender or claimant.

(2) A lender or claimant may file with a museum a written notice of interest in the property held by the museum. A notice of interest in the property shall:

(i) contain an adequate description of the property to enable the museum to identify the property;

(ii) be accompanied by documentation sufficient to establish the lender or claimant as the owner of the property; and

(iii) be signed under penalty of perjury by the lender or claimant, or by a person authorized to act on behalf of the lender or claimant.