The State Board of Bank Control shall from time to time issue regulations classifying all records kept by banks and prescribing the period for which records of each class shall be retained. The periods may be permanent or for a lesser term of years. The regulations may from time to time be amended or repealed. Prior to issuing any such regulation, the Board shall consider:
(1) Actions at law and administrative proceedings in which the production of bank records might be necessary or desirable;
(2) State and Federal statutes of limitation applicable to such actions or proceedings;
(3) The availability of information contained in bank records from other sources; and
(4) Such other matters as the Board shall deem pertinent, in order that its regulations will require banks to retain their records for as short a period as is commensurate with the interests of bank customers and shareholders and of the people of this State in having bank records available.
HISTORY: 1962 Code Section 8-266; 1960 (51) 1673.
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