2.59.2022    RETENTION OF MUTUAL ASSOCIATION RECORDS

(1)  Records of customer accounts, as defined in (7), must be held in accordance with 32-2-950, MCA. 

(2) The publication "Mutual Savings and Loan Association Record Retention Periods - Appendix A to ARM 2.59.2022" (Appendix A) establishes the minimum period for retention of mutual association records other than those specified in 32-2-950, MCA. Appendix A is maintained by the department and may be updated not more than once a year. The July 9, 2021, edition of Appendix A is incorporated by reference as part of this rule. A copy of Appendix A can be obtained from the department's website at banking.mt.gov.

(3)  When a mutual association reproduces records in any manner in the regular course of business as permitted by 32-2-951 through 32-2-953, MCA, the retention period of the reproduced records is the same as specified in Appendix A.

(4)  Mutual associations shall comply with all applicable federal mutual association laws and regulations requiring specific retention periods for the records enumerated in those laws or regulations.  If an applicable federal mutual association law or regulation concerning record retention conflicts with a retention period contained in 32-2-950, MCA, this rule, or Appendix A, a mutual association shall comply with whichever retention period is longer.  Mutual associations shall comply with other applicable state laws governing retention of personnel records, corporation records, etc.

(5)  If a mutual association does not maintain records set forth in Appendix A, but maintains similar records with equivalent information, the mutual association's similar records must be retained for the time set forth for records in Appendix A.

(6)  Records not covered by this rule or 32-2-950, MCA, must be retained for a period of time determined appropriate by the mutual association's board of directors.  Retention periods determined appropriate by the board must be maintained as a permanent part of the board's minutes.

(7)  "Customer accounts," for record retention purposes under 32-2-950, MCA, and this rule, means customer deposit accounts including savings deposit accounts, checking accounts, demand deposit accounts, certificates of deposit, safety deposit boxes, trust accounts, Negotiable Order of Withdrawal (NOW) accounts, and money market deposit accounts.

History: 32-2-950, MCA; IMP, 32-2-704, 32-2-950, MCA; NEW, 2022 MAR p. 230, Eff. 2/12/22.