§ 6-242 — Preservation of bank records; regulations; disposal

A. Every bank shall retain its corporate and business records in accordance with regulations of the deputy director. The regulations shall classify the records, establish allowable 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 allowed substitute shall be preserved.

B. In issuing the regulations under subsection A of this section, the deputy director 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 the deputy director deems pertinent in order that the deputy director's 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 allowed substitute that 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 a record in any action or proceeding.