HOUSE FILE 261

BY  KAUFMANN and WILLEMS

A BILL FOR

An Act reducing the period of time during which records of a state bank or state credit union are required to be preserved.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

   Section 1.  Section 524.221, subsection 1, unnumbered paragraph 1, Code 2011, is amended to read as follows:
   A state bank is not required to preserve its records for a period longer than eleven seven years after the first day of January of the year following the time of the making or filing of such records, provided, however, that account records showing unpaid balances due to depositors shall not be destroyed. A copy of an original may be kept in lieu of any such original record. For purposes of this subsection, a copy includes any duplicate, rerecording or reproduction of an original record from any photograph, photostat, microfilm, microcard, miniature or microphotograph, computer printout, electronically stored data or image, or other process which accurately reproduces or forms a durable medium for accurately and legibly reproducing an unaltered image or reproduction of the original record.
   Sec. 2.  Section 533.322, subsection 1, Code 2011, is amended to read as follows:
   1.  The superintendent may adopt rules regarding the preservation of records and files of a state credit union or any other person supervised or regulated by the superintendent. A state credit union is not required to preserve its records for a period longer than eleven seven years after the first day of January of the year following the time of the making or filing of such records. However, account records showing unpaid balances due to depositors shall not be destroyed.
EXPLANATION
   This bill reduces the period of time during which a state bank or state credit union is required to preserve its records from the currently required 11 years after the first day of January of the year following the time of the making or filing of the record, to seven years after the first day of January of the year following the time of the making or filing of the record.