New Jersey Administrative Code › Title 3 - BANKING › Chapter 26 - GENERAL PROVISIONS FOR STATE SAVINGS AND LOAN ASSOCIATIONS › Subchapter 1 - DESTRUCTION AND RETENTION OF RECORDS › Section 3:26-1.1 - Records retention schedule

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A savings and
				loan association shall maintain its records for the following minimum periods:
Description of Books, Records, etc.
Period to
						  be Retained
1.
Payment slips
2 years
1A.
Coupons used with club accounts
1
						  year after payout of
club account
1B.
Coupons used with mortgage
						  accounts
2 years, where a copy
of the statement of the
mortgage account is
submitted annually to
the mortgagor and a
copy of said statement
is retained in the
association's file
2.
Withdrawal slips
i.
Supported by checks
6 years
ii.
If only record
10 years
3.
Subsidiary ledgers, etc.
i.
Individual account cards and
						  sheets
6 years after account
is closed
ii.
Roll books (Shareholders'
						  ledgers)
10 years
4.
General ledger: books, cards or
						  sheets
10 years
5.
Tellers' Proof Sheets used as posting
						  media
6 years
6.
Tellers' Proof Sheets not used as posting
						  media
2 years
7.
Cancelled checks, including dividend and
						  trust
6 years
account checks
8.
Bank statements
6 years
9.
Cancelled signature cards on closed
						  accounts
6 years
10A.
Passbooks (Closed accounts and filled
						  books)
Cancel and return to
member or destroy
10B.
Share certificates
10 years
11.
Account transfer or share assignment
						  records
i.
Individual accounts cards or
						  sheets
10 years
ii.
Roll book accounts
10 years
12.
Paid bills
6 years
13.
Correspondence
(a)
General
6 years
(b)
Of contractual nature
Expiration of
						  contract
14.
Expired insurance policies
Until
						  after notice
period for claims has
expired, when policy is
cancelled or when a
policy is renewed
15.
Memorandum insurance records
Until
						  loan is repaid
16.
Corporate insurance records
Until
						  after policy is
renewed, when notice
period for filing of
claims has expired, or
when policy is cancelled
17.
Paid bills for mortgagors
Until
						  loan is repaid
18.
Tax bills
Return to borrower
						  or
retain until loan is
repaid
19.
Memorandum of tax payments on
						  mortgages
Until loan is repaid
20.
Paid off mortgage files
Return
						  appropriate
documents to borrowers,
retaining a separate
"loans paid in full"
file wherein a copy of
the letter itemizing
papers returned to the
borrower will be filed
or a receipt for said
papers will be filed.
Other correspondence
can be destroyed.
Loan application and appraisal reports to
						  be retained for at least 2 years
21.
Unconsummated loans (Approved but
						  not
Retain loan application
completed)
and appraisal report
for 2 years
22.
Proxies and ballots
6 years
Where there is no
contest a certificate
of the Judge of
Elections certifying
the result may be
retained instead of
proxies and ballots for
said 6 years
23.
Corporate minutes: directors,
						  executive
10 years
committee and members' meetings
24.
Reports
i.
Examination reports
10 years
ii.
Audit reports
10 years
iii.
Annual reports to Department
10
						  years
25.
Monthly reports to directors (one
						  copy)
3 years
26.
Records of original entry--general
						  journal,
10 years
cash receipts and disbursements journal, etc.
27.
Unit accounting machine tapes
2
						  years
28.
Block control and trial balance
						  tapes
2 years
29.
Journal vouchers
3 years
30.
Duplicate bank deposit tickets or
						  transit
2 years
sheets
31.
Inheritance tax waivers and
						  surrogates'
6 years
certificates
32.
Account loan notes
Return to
						  borrower on
repayment
33.
Trustee account bank statements
6
						  years
34.
Trustee account ledger
10
						  years
35.
Money order stubs, receipts for
						  travelers'
2 years
checks and receipt for bond sales and
redemptions