- (1) Mutual associations are required to preserve or keep their records of customer accounts for at least 8 years after January 1 of the year following the time that the records are made. However, records showing unpaid balances in favor of depositors of a mutual association may not be destroyed. Liability may not accrue against a mutual association destroying any records, except records for which destruction is forbidden by this section, after the expiration of the time provided in this section.
- (2) The department shall adopt rules providing for retention schedules for mutual association records other than those records listed in subsection (1).
History: En. Sec. 83, Ch. 431, L. 2021.