SECTION 180:10-1-11. Records and retention

(a)   When any law of the state of Oklahoma or federal law requires the retention of a specific record or a specific class, type or category of records for a certain period of time, a credit union shall retain its records falling within such class, type or category for the time period required by such law. If no Oklahoma state law or federal law prescribes a retention period for a specific record or a specific class, type or category of records, a credit union must retain such records for the period of time that would be necessary to prosecute or defend an action for which such records would be required in the prosecution or defense of the action.

(b)   The Commissioner may issue orders from time to time, with the approval of the Board, that require credit unions to retain certain records or a certain class, type or category of records for a period of time that is longer than may be required under subsection (a) of this section.

(c)   Any credit union may dispose of any record which has been retained for the prescribed period and shall, after it has disposed of a record, thereafter be under no duty to produce such record in any action or proceeding.

(d)   In lieu of retention of the original records, any credit union may cause any, or all, of its records to be photographed and/or stored by electronic imaging or other reliable process or technology that accurately reproduces or forms a durable medium for reproducing the original records. Any such photograph, imaged document, or other reproduction shall have the same force and effect as the original thereof and be admitted in evidence equally with the original.

[Source: Added at 10 Ok Reg 4587, eff 9-8-93 (emergency); Added at 11 Ok Reg 4185, eff 7-25-94; Amended at 26 Ok Reg 1413, eff 6-11-09]