(a) The department shall issue regulations classifying records kept by financial institutions and prescribing the period, if any, for which records of each class shall be retained and the form in which such records shall be maintained. Such periods may be permanent or for a lesser term of years. In issuing such regulations, consideration shall be given to the objectives of this chapter and to:
(1) Evidentiary effect in actions at law and administrative proceedings in which the production of records of financial institutions might be necessary or desirable;
(2) State and federal statutes of limitation applicable to such actions or proceedings;
(3) Availability of information contained in the records of the financial institution from other sources;
(4) Requirements of electronic systems of transferring funds; and
(5) Other pertinent matters;
so that financial institutions will be required to retain records for as short a period as is commensurate with interests of customers, shareholders, and the people of this state.
(b) The regulations of the department shall not require financial institutions to maintain originals of checks or items for the payment of money or original computer tapes or original records with respect to accounts which have been inactive for a period of 12 successive months. Where a financial institution employs computers, its records may consist of legible products of computer operations.
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