Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 2 - BANK ORGANIZATION AND REGULATION › Section R20-4-214 - Preservation of Records

Current through Register Vol. 30, No. 28, July 12, 2024
A. Every bank shall
				keep its corporate and business records as originals or as copies of the
				originals made by reproduction methods that accurately and permanently preserve
				the records. Copies complying with this subsection, when satisfactorily
				identified, have the same evidentiary status as an original. A bank may keep
				its records as electronic records if the bank can generate all information and
				copies required by this Section within the timeframe set by the Department for
				examination or other purposes.
B. A
				bank shall keep its corporate and business records for the period required by
				this Section. These periods are measured from the date of the last entry or
				final action date. A bank shall have and comply with its own record retention
				schedule that is consistent with this Section. A bank may comply with this
				Section by complying with a preemptive federal regulation, even if the federal
				regulation requires a shorter retention period than is listed in this Section.
				This Section does not prohibit record retention for longer periods than these
				state-required minimums for any reason, including a retention period
				established by preemptive federal law or regulation. Likewise, this Section
				does not prohibit a bank from keeping any type of record not required in
				subsection (D).
C. Beginning on the
				effective date of this Section, corporate and business records of a bank
				operating in the state of Arizona are classified, and their retention periods
				are prescribed, according to the schedule in subsection (D). Retention periods
				are listed in subsection (D) using the notations, acronyms, and abbreviations
				listed in this subsection (C).
1. A numerical
				designation refers to a period of years unless a shorter period of time is
				specified in the schedule.
2. "AC"
				means after closure.
3. "ACH" means
				automated clearing house.
4. "AE"
				means after expiration.
5. "ALC"
				means after last contact.
6. "AP"
				means after paid.
7. "ATD" means
				after termination date.
8. "CTR"
				means a cash transaction report required by the Federal Bank Secrecy
				Act.
9. "FDIC" means the Federal
				Deposit Insurance Corporation.
10.
				"FHA" means the Federal Housing Administration.
11. "FHLMC" means the Federal Home Loan
				Mortgage Corporation.
12. "FNMA"
				means the Federal National Mortgage Association.
13. "GNMA" means the Government National
				Mortgage Association.
14. "IRS"
				means the United States Department of the Treasury's Internal Revenue
				Service.
15. "M" means
				months.
16. "P" means the bank
				shall keep the record permanently.
17. "PMI" means private mortgage
				insurance.
18. "SAR" means a
				suspicious activity report required by the Federal Bank Secrecy Act.
19. "TTL" means a treasury, tax, and loan
				account maintained by a bank.
20.
				"UCC" means the Uniform Commercial Code as it is in effect in
				Arizona.