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286.3-375 Preservation of bank records.
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Every bank shall retain its business records for such periods as are or may be
prescribed by or in accordance with the terms of this section.
Each bank shall retain permanently the minute book of meetings of its stockholders
and directors, its capital stock ledger and capital stock certificate ledger or stubs, its
general ledger, its daily statements of condition, its general journal, its investment
ledger, its copies of bank examination reports, and all records which the
commissioner shall, in accordance with the terms of this section, require to be
retained permanently.
All other bank records shall be retained for such periods as the commissioner shall,
in accordance with the terms of this section, prescribe.
The commissioner 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. Such periods may be permanent or for a lesser term of years. Such
regulations may from time to time be amended or repealed. Prior to issuing any
such regulation the commissioner shall consider:
(a) Actions at law and administration proceedings in which the production of
bank records might be necessary or desirable;
(b) State and federal statutes of limitation applicable to such actions or
proceedings;
(c) The availability of information contained in bank records from other sources;
(d) Such other matters as the commissioner 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.
Any bank may dispose of any record which has been retained for the period
prescribed by or in accordance with the terms of this section for retention of records
of its class, and shall thereafter be under no duty to produce such record in any
action or proceeding.
Any bank, including the Department of Financial Institutions, may cause any or all
records at any time in its custody to be reproduced by the microphotographic
process, nonerasable optical image discs (CD's), or other records retention
technology approved by the department, and any reproduction so made shall have
the same force and effect as the original thereof and be admitted in evidence equally
with the original.
To the extent that they are not in contravention of any law of the United States, the
provisions of this section shall apply to all banks doing business in this state.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 637, effective July 15, 2010. -- Amended
1992 Ky. Acts ch. 77, sec. 14, effective July 14, 1992. -- Amended 1984 Ky. Acts ch.
324, sec. 28, effective July 13, 1984. -- Created 1954 Ky. Acts ch. 54, sec. 1,
effective June 17, 1954.
Formerly codified as KRS 287.375.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts
ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the
Kentucky Financial Services Code, KRS Chapter 286.
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