6-242. Preservation of bank records; regulations; disposal
A. Every bank shall retain its corporate and business records in accordance with regulations of the superintendent. The regulations shall classify the records, establish permissible methods for effective and economical preservation of information contained in the records if the originals are destroyed pursuant to regulation, and prescribe the minimum periods of time each record or permitted substitute shall be preserved.
B. In issuing his regulations under subsection A, the superintendent shall consider:
1. Actions at law and administrative proceedings in which the production of bank records might be necessary or desirable.
2. Statutes of limitation applicable to such action or proceedings.
3. The availability of information contained in bank records from other sources.
4. Such other matters as he shall deem pertinent in order that his regulations will require banks to retain records for as short a period of time as is commensurate with the interests of bank customers and shareholders and of the people of this state in having bank records available.
C. A bank may dispose of any record or permitted substitute which has been retained for the applicable record prescribed in accordance with the terms of this section, and shall thereafter be under no duty to produce such record in any action or proceeding.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.