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Utah Administrative Code (Current through November 1, 2019) |
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R331. Financial Institutions, Administration |
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R331-10. Schedule for Retention or Destruction of Records of Financial Institutions Under the Jurisdiction of the Department of Financial Institutions |
R331-10. Schedule for Retention or Destruction of Records of Financial Institutions Under the Jurisdiction of the Department of Financial Institutions
| R331-10-1. Authority, Scope, and Purpose |
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(1) This rule is issued pursuant to Section 7-1-301(7). (2) This rule establishes a schedule for the retention of records of financial institutions under the jurisdiction of the Department of Financial Institutions. Each financial institution may deem it prudent from a business, legal, or other regulatory reason to retain records not identified in this rule. (3) It is the purpose of this rule to require the maintenance of appropriate types of records where such records have a high degree of usefulness and prescribe the period for which records of each class are retained. (4) This rule does not prescribe the method of retention other than that the method selected by each financial institution must ensure the records be readily retrieved in an unaltered state. |
| R331-10-2. Definitions |
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Key to Abbreviations: Figures - Years |
| R331-10-3. Retention of Records |
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(1) CORPORATE AND LEGAL TABLE 1 Regulation S (domestic and international funds transfer 5 Annual Disclosures Statements/Annual Reports 2 Minute books of directors, executive committee an other records reflecting corporate governance documentation, (e.g., minutes, articles, bylaws, stock records) 10 Superceded policies and procedures 2 Business licenses 1 Service agreements with vendors 2 Litigation documents (after resolution) 2 Affidavits 2 Attachments, garnishments 6 (2) DEPOSITORY PRODUCTS TABLE 2 Records of checks, drafts and other instruments presented for payment or deposit 6 Deposit records showing relationship of insurance claimants to insurance funds 1 Deposit records disclosing a relationship which might provide the basis for additional insurance 1 Records evidencing compliance with Truth in Savings Act 2 Records of purchases and purchasers of bank checks, drafts, cashier's checks, money orders, and traveler's checks 5 Tax identification numbers of deposit/share/ transaction accounts 5 Deposit account trial balance records 5 Each check, deposit, money order issued or payable by bank in excess of $100 5 Records of debits to customers' account in excess of $100 5 Records of purchaser of certificate of deposit 5 Records of tax identification number of any person presenting certificate of deposit for payment 5 Deposit slips and credit tickets in excess of $100 5 Records of receipts of currency in excess of $10,000 received from persons outside United States 5 Cash letters 1 Account documentation, (e.g., signature card, resolutions, power of attorney, guardianship) 6 Stop payment orders (after release) 1 (3) FIDUCIARY TABLE 3 Safe deposit documentation, (e.g., access records, contracts) 5 Records relating to municipal securities dealing: copies of filings to any associated person following termination of association 3 Record of all brokers/dealers selected by bank to effect transactions and amount of commission paid or allocated each year 3 Tax identification number of customers having securities 5 Records of securities authority from customer 5 Records of amounts expended and adjustments made to property acquired and held for investment or to verify exercise of qualified stock option, debts written off, amount of loans outstanding with regard to reserves for losses on bad debts of financial institutions for last five taxable years 6 Fiduciary authority documentation, (e.g., trust agreements, court orders, powers of attorney, directives, authorizations) 6 Fiduciary account documentation, (e.g., cash and asset records, tax returns) 6 Fiduciary management committee meeting records 5 Escrow records (after closing) 6 Safekeeping records and receipts 2 Fiduciary account documentation, (e.g., chronological logs of itemized daily records, account records for each customer, order ticket of each buy/sell, record of all brokers used 3 (4) LENDING/LEASING TABLE 4 Lending and leasing documents after closed, (e.g., credit application, appraisal, credit report, signatory) 6 Card applications, documentation from date of application 2 Open or closed-end credit document files excluding card application documentation 6 (5) REGULATORY TABLE 5 Credit record of transfers of credit more than $10,000 to outside the United States 5 Credit record of transfers of funds more than $10,000 to outside the United States 5 Checks or records of drafts in excess of $10,000 drawn on foreign banks 5 Checks, drafts in excess of $10,000 from bank, broker or exchange dealer outside United States 5 Utah Bureau of Criminal Identification report or background check (after termination) 2 (6) FINANCIAL TABLE 6 Escheatment documentation (abandoned deposit accounts, unpaid cashier's checks, unpaid expense checks) 7 Internal audit reports 5 Investment confirmations, statements, buy and sell orders 6 Financial records, (e.g., journals, ledgers, statements, source documents) 7 Reconcilements, (e.g., General ledger account and supporting documentation) 2 Notes on contracts payable documentation (after closing) 2 |
| R331-10-4. Exemptions |
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The Commissioner of Financial Institutions may make exemptions from any requirement otherwise imposed under this rule and as are consistent with the purposes of this rule. |
| R331-10-5. Reproduction of Records |
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Any institution subject to this rule may cause records in its custody to be reproduced by the micro-photographic or other equivalent process. Any reproduction shall have the same force and effect as the original and shall be admissible into evidence as if it were the original. |
| R331-10-6. Relationship to other Laws |
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This rule will not pre-empt any other retention requirement longer than that specified herein imposed by any other state or federal statute or rule. |