(a)All records of financial institutions and of federally chartered financial institutions, insofar as this section does not contravene paramount federal law, shall be retained for such minimum periods as the Commissioner may prescribe.
(b)The Commissioner shall from time to time issue regulations classifying all records kept by these institutions and prescribing the minimum period for which these records shall be retained. The periods may be permanent or for a lesser term. Such regulations may be amended or repealed from time to time. The regulations shall be promulgated as provided for in Chapter 101 of Title 29.
(c)In issuing the regulations required by subsection (b) of this section, the Commissioner shall consider:
(1)Court and administrative proceedings in which the production
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(a) All records of financial institutions and of federally chartered financial institutions, insofar as this section does not contravene paramount federal law, shall be retained for such minimum periods as the Commissioner may prescribe.
(b) The Commissioner shall from time to time issue regulations classifying all records kept by these institutions and prescribing the minimum period for which these records shall be retained. The periods may be permanent or for a lesser term. Such regulations may be amended or repealed from time to time. The regulations shall be promulgated as provided for in Chapter 101 of Title 29.
(c) In issuing the regulations required by subsection (b) of this section, the Commissioner shall consider:
(1) Court and administrative proceedings in which the production of these records might be necessary or desirable;
(2) State and federal statutes of limitation applicable to such proceedings;
(3) Availability of information from other sources; and
(4) Such other matters as the Commissioner shall deem pertinent in order that the regulations will require retention of records for such reasonable period as is commensurate with the interests of customers, depositors, stockholders and the peoples of the State in having such records available.
(d) The Commissioner shall additionally prescribe the substitution of reproductions for the originals to cover the periods for which such records shall be retained.
(e) Institutions may at their option dispose of any record which has been retained for the minimum period prescribed by the Commissioner.