The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 54th Legislature, 2nd Regular Session, which convenes in January 2020.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
6-242 - Preservation of bank records; regulations; disposal
6-242. Preservation of bank records; regulations; disposal
A. Every bank shall retain its corporate and business records in accordance with regulations of the superintendent. The regulations shall classify the records, establish permissible methods for effective and economical preservation of information contained in the records if the originals are destroyed pursuant to regulation, and prescribe the minimum periods of time each record or permitted substitute shall be preserved.
B. In issuing his regulations under subsection A, the superintendent shall consider:
1. Actions at law and administrative proceedings in which the production of bank records might be necessary or desirable.
2. Statutes of limitation applicable to such action or proceedings.
3. The availability of information contained in bank records from other sources.
4. Such other matters as he shall deem pertinent in order that his regulations will require banks to retain records for as short a period of time as is commensurate with the interests of bank customers and shareholders and of the people of this state in having bank records available.
C. A bank may dispose of any record or permitted substitute which has been retained for the applicable record prescribed in accordance with the terms of this section, and shall thereafter be under no duty to produce such record in any action or proceeding.