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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 85. State Banking Department |
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Chapter 10. Supervision, Regulation and Administration of Banks, Trust Companies, and the Oklahoma Banking Code |
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Subchapter 3. Departmental Requirements |
SECTION 85:10-3-18. Records and retention
Latest version.
- (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 bank and trust company 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 bank or trust company 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 rulings from time to time, with the approval of the Board, that require banks and trust companies 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.