; (2) is dated; (3) is signed by the elective classification service provider payee; and (4) is countersigned by the service recipient payor. (c) Service recipient payor counter signature required The elective classification service provider payee shall secure the counter-signature of the service recipient payor acknowledging that the service recipient payor knows the classification election made by the service provider payee. The election required under subsection (a) is not effective until the counter-signature of the service recipient payor is secured, subject to subsection (f). (d) Timing of election The election required under subsection (a) shall be made by the elective classification service provider payee upon entering into an economic relationship with a service recipient payor. Failure by the elective classification service provider payee to make the election required by subsection (a) within 14 days of entering into an economic relationship with a service recipient payor shall be subject to a penalty under subsection (g)(1), subject to subsection (f). (e) Record-Keeping retention requirement Both the elective classification service provider payee and the service recipient payor are required to maintain a copy of the countersigned election required under subsection (b) for a period of 3 years following its countersignature. Failure by the elective classification service provider payee or the service recipient payor to maintain a copy of the countersigned election required by this section shall be subject to a penalty under subsection (g)(2). (f) Absence of countersignature