Financial Institutions, Credit Unions

Rule R337-9

Schedule for Retention or Destruction of Records of Credit Unions Under the Jurisdiction of the Department of Financial Institutions

Five-Year Notice of Review and Statement of Continuation

DAR File No.: 36877
Filed: 09/28/2012 08:41:44 AM

NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

Subsection 7-1-301(7) authorizes the commissioner to classify all records kept by institutions subject to the jurisdiction of the department and to prescribe the period for which each class of records is retained.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

No supporting or opposing written comments have been received by the agency concerning this rule.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

The rule establishes a schedule for the retention of records of credit unions and should be continued. The purpose of the rule is 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.

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Direct questions regarding this rule to:

• Paul Allred at the above address, by phone at 801-538-8854, by FAX at 801-538-8894, or by Internet E-mail at [email protected]

Authorized by:

Edward Leary, Commissioner

Effective:

09/28/2012