§ 9011 — Record keeping and retention of records by a savings bank

(a) Each savings bank shall retain its records in a manner consistent with prudent business practices and in accordance with this Act and applicable State or federal laws, rules, and regulations. The record retention system utilized must be able to accurately produce such records. (a-5) Except where a retention period is required by State or federal laws, rules, or regulations, a savings bank may destroy its records subject to the considerations set forth in subsection (a). In the destruction of records, the savings bank shall take reasonable precautions to ensure the confidentiality of information in the records. (b) Each savings bank shall implement internal control and security measures for its data processing activities. A contract with a data processing service or for data processing services must provide that records maintained shall at all times be available for examination and audit by the Secretary. (c) The Secretary may further regulate these matters by the promulgation of rules concerning data processing. As used herein, "data processing" means all electronic or automated systems of communication and data processing by computer. (d) No liability shall accrue against the savings bank, the Secretary, or this State for destruction of records under the authority of this Section.

Legislative History

(Source: P.A. 102-873, eff. 5-13-22.)