5 Del.C. §141

Formerly Regulation No.: 5.141.0001.NC

Effective Date: September 22, 1995

Section 141 of Title 5 of the Delaware Code, as amended, provides that the State Bank Commissioner may from time to time issue regulations classifying and setting minimum retention periods for the records of financial institutions which are subject to the supervision of the Commissioner's Office and of federally chartered financial institutions in Delaware.

This regulation rescinds the previous record retention Regulation No. 5.141.0001.NC and establishes a new regulation in its place.

1.0 Scope

1.1 The following are subject to this regulation:

1.1.1 State chartered financial institutions;

1.1.2 Federally chartered financial institutions, insofar as the regulation does not contravene paramount federal law;

1.1.3 State licensed financial businesses including, but not limited to, Licensed Lenders, Licensed Mortgage Loan Brokers, Licensed Motor Vehicle Sales Finance Companies, and Licensed Cashers of Checks, Drafts, or Money Orders.

1.2 The Office of the State Bank Commissioner requires that financial institutions subject to this Regulation maintain certain books and records for examination, compliance, regulatory and other purposes consistent with any applicable federal law or regulation and the requirements set forth below. Such financial institutions are obligated to ensure compliance with this Regulation and may do so by agreement with other entities that may maintain certain of their records, such as a service provider, data processor or storage facility, wherever located within or without the State of Delaware.

1.3 Records that are not covered by either federal law or regulation or this Regulation should be maintained at the financial institution's discretion and with the advice of counsel.

2.0 Form of Records

2.1 All records required to be maintained under this Regulation must be retained in a form and manner that is consistent with reasonable business practices for financial institutions, and any applicable federal law or regulation. Without limiting the foregoing, all such records (even those which must be maintained permanently as indicated in Schedule A of this Regulation), may be maintained in either original form, as a copy thereof, or as part of any electronic, computer, mechanized or other data storage or retrieval or transmission system or device that can accurately reproduce, regenerate or transmit the original record, a copy of the record or all pertinent information from the original or any copy. Examples of appropriate forms of records include: copies produced from the same impression or process as the original by carbon or other chemical or substance or process (e.g. carbon copies); film, prints, reproduction and facsimiles of an original or copy produced by photographic, microphotographic, photostatic, xerographic, or other process (e.g. photocopies, microfilm, microfiche); and data or other information comprising a record reproduced, regenerated or transmitted from any electronic, computer, mechanized or other datastorage or retrieval or transmission system or device (e.g. magnetic tape, optical disk); and such other forms of records as may be approved by the Office of the State Bank Commissioner. The records requirements contained herein are designed to facilitate records retention for examination purposes only; reproductions of records as an alternative to retaining original documents, as permitted herein, may not satisfy other legal requirements.

3.0 Availability and Location of Records

3.1 All records required to be maintained under this Regulation or applicable federal law must be readily available within a reasonable time period upon request by the Office of the State Bank Commissioner for supervisory examination or other authorized purposes. Such records may be maintained at any location wherever located within or without the State of Delaware that is suitable to the financial institution.

4.0 Status of Records

4.1 All records maintained by a financial institution subject to this Regulation, whether in original form or as a copy thereof or as part of a data storage or retrieval or transmission system, which are duly certified, authenticated, or identified by a responsible officer, employee or agent of the financial institution under whose supervision the records are kept, shall in all cases and in all courts and places be admitted and received in evidence with like force and effect as the original record, whether or not the original record is in existence, to the fullest extent permitted by law.

5.0 Retention Periods

5.1 All records required to be maintained pursuant to this Regulation must be maintained consistent with the retention periods set forth in this Regulation and/or any applicable federal law or regulation. More specifically, the retention periods set forth in Schedule A of this Regulation must be adhered to if there is no applicable federal retention period. If there is an applicable federal retention period, the federal retention period should be adhered to even if such federal period is longer or shorter than the retention period set forth in this Regulation. After the applicable retention period expires, the records may be destroyed. In the attached schedule of retention periods, all retention periods begin with the final transaction date appearing on the record unless otherwise noted.

Schedule A

RECORDS RETENTION SCHEDULE

Banks and Trust Companies

(Periods of retention are in years, unless otherwise indicated)

0001.01 PERMANENT RECORDS

1.0101 Annual reports

1.0102 Bank call reports

1.0103 Bank examination reports

1.0104 Bank charter, Certificate of Incorporation, by laws, amendments, minutes of meetings of Directors, executive and other committees

1.0105 Capital stock - Certificates, Ledger, Transfer Ledger

1.0106 Certificate of Authority - approved branch locations

1.0107 General Ledger

1.0108 Internal security investigation reports

0001.02 OTHER RECORDS