1. (1) In addition to the applicable record retention requirements set forth for corporations in S.C. Code Section 33-16-101, South Carolina state chartered banks, savings banks, savings and loan associations, and trust companies are required to maintain records in accordance with applicable federal standards.

2. (2) Additionally, these institutions must maintain the following records as set forth below:

   1. (a) Five Years

      1. (i) General Ledger/Subledger Accounts - Records of all general ledger and subledger accounts that comprise the daily income statement and balance sheet.
      2. (ii) Audit Reports - Internal and external audit reports, including any applicable supporting workpapers.

   2. (b) Three Years After Payoff or Disposition, unless otherwise required by applicable federal statutes or regulations,

      1. (i) Loan and Deposit Accounts - Records of all loan and deposit accounts. Full credit documentation that includes evidence of collateral security and underwriting support of the credit must be maintained and applied to modifications, renewals, extensions and collections.
3. (3) Nothing in this regulation shall limit an institution from retaining records beyond the required retention period.

HISTORY: Amended by SCSR 49-5 Doc. No. 5289, eff May 23, 2025.