362.410. Preservation of books and records. - Missouri Statutes

Preservation of books and records.

362.410. 1. The division of finance shall issue rules forclassifying the records kept by all banks and trust companies inthe state and specifying the minimum period for which records ofeach class shall be retained. The period may be permanent or fora term of years. Prior to issuing these rules the division offinance shall consider:

(1) Court and administrative proceeding requirementspertaining to evidence and the production of bank records;

(2) State and federal statutes of limitations and recordretention statutes and regulations; and

(3) Other matters which the division considers pertinent sothat its recommendations protect bank records for as short aperiod as possible and ensure the safety and soundness of thebank.

2. A state chartered bank may have records in its custodyreproduced as provided in section 362.413.

3. No bank or trust company shall be liable for disposing ofany record provided that such bank or trust company complies withthe rules issued by the division of finance pursuant to thissection.

(RSMo 1939 § 7987, A.L. 1967 p. 445, A.L. 1988 S.B. 773)

Prior revisions: 1929 § 5391; 1919 § 11770