 |
Utah Administrative Code (Current through November 1, 2019) |
 |
R337. Financial Institutions, Credit Unions |
|
|
R337-9. Schedule for Retention or Destruction of Records of Credit Unions Under the Jurisdiction of the Department of Financial Institutions |
R337-9. Schedule for Retention or Destruction of Records of Credit Unions Under the Jurisdiction of the Department of Financial Institutions
| R337-9-1. Authority, Scope, and Purpose |
|
Latest version.
|
|
(1) This rule is issued pursuant to Section 7-1-301(7). (2) This rule establishes a schedule for the retention of records of credit unions. (3) It is the purpose of this rule to require the maintenance of appropriate types of records, which have a high degree of usefulness and to prescribe the period for which records of each class are retained. (4) This rule specifically exempts credit unions from the requirements of Rule R331-10. |
| R337-9-2. Definitions |
|
Latest version.
|
|
Key to abbreviations: Figures - years P - permanently |
| R337-9-3. General Rule |
|
Latest version.
|
|
All credit unions under the jurisdiction of the Department of Financial Institutions shall retain and preserve all records listed in the following schedule for the period indicated for specific type: TABLE (1) Accounting and Auditing (a) Financial statement . . . . . . . . . . 10 (b) Cash received vouchers . . . . . . . . 7 (c) General ledger . . . . . . . . . . . . P (d) General journal/cash records . . . . . P (e) Cash accounts reconciliation journals . . . . . . . . . . . . . . 7 (2) Administrative (a) Bylaws and amendments . . . . . . . . . P (b) Certificates/licenses . . . . . . . . . P (c) Charters . . . . . . . . . . . . . . . P (d) Examination reports . . . . . . . . . . 10 (e) Supervisory and outside audits . . . . 10 (f) Minutes . . . . . . . . . . . . . . . . 10 (3) Surety and Fidelity Bond Time Period After Expiration . . . . . . . . . . . . 10 (4) Member Certificate of Deposits Time Period After Payment . . . . . . . . . . . . . 7 (5) Collections (Past Due Accounts) (a) Collection files (closed) . . . . . . . 7 (b) Schedule of delinquent loans . . . . . . 2 (6) Currency Transactions and Related Material (a) Copies of drafts, checks or money orders drawn on the credit union or issued and payable to it . . . . . . 7 (b) Copies of checks, drafts or money orders drawn on the credit union or issued and payable by it . . . . . . 7 (c) Copies of records of each payment or transfer of funds, checks, investment securities or other money instruments of $10,000 or more outside the United States . . . . . . . . . . . . . . . 7 (d) Copies of records of each item of $10,000 or more received from outside the United States . . . . . . . . . . 7 (e) Currency Transaction Reports (Form 4789) . . . . . . . . . . . . . . . . 7 (f) Deposit slips or credit tickets of all debits over $100,000 . . . . . . 7 (g) Exemption statements . . . . . . . . . 7 (h) Exemptions Master List . . . . . . . . 7 (i) Records of all extensions of credit over $10,000 unless the credit involves mortgage, home equity loans or refinancing . . . . . . . . 7 (j) Reports of international transportation of monetary instruments (Form 4790) . . . . . . 7 (k) Statements or ledgers showing all account activity . . . . . . . . . . 7 (7) Checking/Draft Accounts: Members (a) Checks/drafts paid . . . . . . . . . . 7 (b) Daily reports of overdrafts time period after overdraft is cleared . . . . . 1 (c) Deposit tickets . . . . . . . . . . . 7 (d) Individual members' account history ledgers . . . . . . . . . . . . . . . P (e) Signature cards . . . . . . . . . . . . P (f) Stop-payment orders time period after issued . . . . . . . . . . . . 1 (g) Undelivered statements/dormant accounts log time period after date of last activity or contact with credit union . . . . . . . . . . . . 7 (h) Disclosures/Notices of check-holds . . 2 (8) Draft/Checking Accounts Held by Credit Unions (a) Certified checks/receipts . . . . . . . 7 (b) Checks/drafts (canceled) . . . . . . . 7 (c) Check/draft register . . . . . . . . . 7 (d) Expense checks (canceled) . . . . . . . 7 (e) Expense check register . . . . . . . . 7 (f) Expense vouchers or invoices . . . . . 7 (g) Money orders and register . . . . . . . 7 (9) Personnel Information (a) Disciplinary action records time period after terminated . . . . . . . 7 (b) Earnings record . . . . . . . . . . . . P (c) Employee benefit plans . . . . . . . . P (d) Employee information reports . . . . . 7 (e) Employee applications (not hired) . . . 3 (f) Employee applications (hired) time period after terminated . . . . . . . 7 (g) Employment eligibility verification . . . . . . . . . . . . 3 (h) Injury reports time period after report date . . . . . . . . . . . . . 5 (i) Personnel files time period after terminated . . . . . . . . . . . . . 7 (j) Unemployment compensation . . . . . . . 7 (k) Training manuals and records . . . . . . 7 (l) Withholding authorization time period after terminated . . . . . . 8 (10) General Information (a) Applications for traveler's checks . . 7 (b) Change-of-address orders . . . . . . . 2 (c) Paid bills, statements and invoices . . 7 (d) Vault records (except safe deposits). . 1 (e) Wire transfer debit and credit entries . . . . . . . . . . . . . . . 7 (f) Safe deposit access/entry tickets time period after entry date . . . . 7 (g) Safe keeping receipts . . . . . . . . P (h) Lease and contract . . . . . . . . . . P (11) Insurance Policy . . . . . . . . . . . . P (12) Investments . . . . . . . . . . . . . . . P (13) Merged Credit Union Articles and Bylaws . . . . . . . . . . . . . . . . P (14) Loans (a) Loan documentation to directors . . . . 7 (b) Business loan documentation time period after account closed . . . . . 7 (c) Consumer loan documentation time period after payoff . . . . . . . . . 7 (d) Real estate loans documentation time period after payoff . . . . . . 7 (e) Real estate related documents (i) HMDA-1 . . . . . . . . . . . . . . . . 10 (ii) HUD-1 . . . . . . . . . . . . . . . . 10 (iii) Good faith estimates time period after estimate . . . . . . . . . . 2 (15) Share Accounts (a) Membership and signature cards . . . . P (b) Individual share ledgers . . . . . . . P |
| R337-9-4. Reproductions |
|
Latest version.
|
|
Any credit union 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. |
| R337-9-5. Consistency With Requirements of Other State or Federal Statute or Rule |
|
Latest version.
|
|
This rule will not preempt any other retention requirement longer than that specified herein imposed by any other state or federal statute or rule. |