Utah Admin. Code R331-10-1 - Authority, Scope, and Purpose
(1)
This rule is issued pursuant to Section
7-1-301(7).
(2) This rule establishes a schedule for the
retention of records of financial institutions under the jurisdiction of the
Department of Financial Institutions. Each financial institution may deem it
prudent from a business, legal, or other regulatory reason to retain records
not identified in this rule.
(3) It
is the purpose of this rule to require the maintenance of appropriate types of
records where such records have a high degree of usefulness and prescribe the
period for which records of each class are retained.
(4) This rule does not prescribe the method
of retention other than that the method selected by each financial institution
must ensure the records be readily retrieved in an unaltered state.
Notes
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