Utah Administrative Code

The Utah Administrative Code is the body of all effective administrative rules as compiled and organized by the Division of Administrative Rules (see Subsection 63G-3-102(5); see also Sections 63G-3-701 and 702).

NOTE: For a list of rules that have been made effective since October 1, 2019, please see the codification segue page.

NOTE TO RULEFILING AGENCIES: Use the RTF version for submitting rule changes.


R331. Financial Institutions, Administration.

Rule R331-10. Schedule for Retention or Destruction of Records of Financial Institutions Under the Jurisdiction of the Department of Financial Institutions.

As in effect on October 1, 2019

Table of Contents

R331-10-1. Authority, Scope, and Purpose.

(1) This rule is issued pursuant to Section 7-1-301(7).

(2) This rule establishes a schedule for the retention of records of financial institutions under the jurisdiction of the Department of Financial Institutions. Each financial institution may deem it prudent from a business, legal, or other regulatory reason to retain records not identified in this rule.

(3) It is the purpose of this rule to require the maintenance of appropriate types of records where such records have a high degree of usefulness and prescribe the period for which records of each class are retained.

(4) This rule does not prescribe the method of retention other than that the method selected by each financial institution must ensure the records be readily retrieved in an unaltered state.

R331-10-2. Definitions.

Key to Abbreviations:

Figures - Years

R331-10-3. Retention of Records.

(1) CORPORATE AND LEGAL

                                                    TABLE 1

    Regulation S (domestic and international funds
      transfer                                                5
    Annual Disclosures Statements/Annual Reports              2
    Minute books of directors, executive committee
      an other records reflecting corporate governance
      documentation, (e.g., minutes, articles, bylaws,
      stock records)                                         10
    Superceded policies and procedures                        2
    Business licenses                                         1
    Service agreements with vendors                           2
    Litigation documents (after resolution)                   2
    Affidavits                                                2
    Attachments, garnishments                                 6
                                                            

(2) DEPOSITORY PRODUCTS

                                                    TABLE 2

    Records of checks, drafts and other instruments
      presented for payment or deposit                        6
    Deposit records showing relationship of insurance
      claimants to insurance funds                            1
    Deposit records disclosing a relationship which
      might provide the basis for additional insurance        1
    Records evidencing compliance with Truth in Savings
      Act                                                     2
    Records of purchases and purchasers of bank checks,
      drafts, cashier's checks, money orders, and
      traveler's checks                                       5
    Tax identification numbers of deposit/share/
      transaction accounts                                    5
    Deposit account trial balance records                     5
    Each check, deposit, money order issued or payable
      by bank in excess of $100                               5
    Records of debits to customers' account in excess
      of $100                                                 5
    Records of purchaser of certificate of deposit            5
    Records of tax identification number of any person
      presenting certificate of deposit for payment           5
    Deposit slips and credit tickets in excess of $100        5
    Records of receipts of currency in excess of $10,000
      received from persons outside United States             5
    Cash letters                                              1
    Account documentation, (e.g., signature card,
      resolutions, power of attorney, guardianship)           6
    Stop payment orders (after release)                       1
                                                            

(3) FIDUCIARY

                                                    TABLE 3

    Safe deposit documentation, (e.g., access records,
      contracts)                                              5
    Records relating to municipal securities dealing:
      copies of filings to any associated person
      following termination of association                    3
    Record of all brokers/dealers selected by bank to
      effect transactions and amount of commission
      paid or allocated each year                             3
    Tax identification number of customers having
      securities                                              5
    Records of securities authority from customer             5
    Records of amounts expended and adjustments made
      to property acquired and held for investment
      or to verify exercise of qualified stock option,
      debts written off, amount of loans outstanding
      with regard to reserves for losses on bad debts
      of financial institutions for last five taxable
      years                                                   6
    Fiduciary authority documentation, (e.g., trust
      agreements, court orders, powers of attorney,
      directives, authorizations)                             6
    Fiduciary account documentation, (e.g., cash and
      asset records, tax returns)                             6
    Fiduciary management committee meeting records            5
    Escrow records (after closing)                            6
    Safekeeping records and receipts                          2
    Fiduciary account documentation, (e.g., chronological
      logs of itemized daily records, account records
      for each customer, order ticket of each buy/sell,
      record of all brokers used                              3
                                                            

(4) LENDING/LEASING

                                                    TABLE 4

    Lending and leasing documents after closed, (e.g.,
      credit application, appraisal, credit report,
      signatory)                                              6
    Card applications, documentation from date of
      application                                             2
    Open or closed-end credit document files excluding
      card application documentation                          6
                                                            

(5) REGULATORY

                                                    TABLE 5

    Credit record of transfers of credit more than
      $10,000 to outside the United States                    5
    Credit record of transfers of funds more than
      $10,000 to outside the United States                    5
    Checks or records of drafts in excess of $10,000
      drawn on foreign banks                                  5
    Checks, drafts in excess of $10,000 from bank,
      broker or exchange dealer outside United
      States                                                  5
    Utah Bureau of Criminal Identification report or
      background check (after termination)                    2
                                                            

(6) FINANCIAL

                                                    TABLE 6

    Escheatment documentation (abandoned deposit
      accounts, unpaid cashier's checks, unpaid
      expense checks)                                         7
    Internal audit reports                                    5
    Investment confirmations, statements, buy and
      sell orders                                             6
    Financial records, (e.g., journals, ledgers,
      statements, source documents)                           7
    Reconcilements, (e.g., General ledger account and
      supporting documentation)                               2
      Notes on contracts payable documentation (after
      closing)                                                2
                                                            

R331-10-4. Exemptions.

The Commissioner of Financial Institutions may make exemptions from any requirement otherwise imposed under this rule and as are consistent with the purposes of this rule.

R331-10-5. Reproduction of Records.

Any institution subject to this rule may cause records in its custody to be reproduced by the micro-photographic or other equivalent process. Any reproduction shall have the same force and effect as the original and shall be admissible into evidence as if it were the original.

R331-10-6. Relationship to other Laws.

This rule will not pre-empt any other retention requirement longer than that specified herein imposed by any other state or federal statute or rule.

KEY

financial institutions

Date of Enactment or Last Substantive Amendment

July 10, 2017

Notice of Continuation

July 20, 2017

Authorizing, Implemented, or Interpreted Law

7-1-301(7)


Additional Information

Contact

For questions regarding the content or application of rules under Title R331, please contact the promulgating agency (Financial Institutions, Administration). A list of agencies with links to their homepages is available at http://www.utah.gov/government/agencylist.html or from http://www.rules.utah.gov/contact/agencycontacts.htm.