Bill Text: IA HF261 | 2011-2012 | 84th General Assembly | Introduced
Bill Title: 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. (See Cmte. Bill HF 405)
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2011-12-31 - END OF 2011 ACTIONS [HF261 Detail]
Download: Iowa-2011-HF261-Introduced.html
House
File
261
-
Introduced
HOUSE
FILE
261
BY
KAUFMANN
and
WILLEMS
A
BILL
FOR
An
Act
reducing
the
period
of
time
during
which
records
of
1
a
state
bank
or
state
credit
union
are
required
to
be
2
preserved.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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261
Section
1.
Section
524.221,
subsection
1,
unnumbered
1
paragraph
1,
Code
2011,
is
amended
to
read
as
follows:
2
A
state
bank
is
not
required
to
preserve
its
records
for
3
a
period
longer
than
eleven
seven
years
after
the
first
4
day
of
January
of
the
year
following
the
time
of
the
making
5
or
filing
of
such
records,
provided,
however,
that
account
6
records
showing
unpaid
balances
due
to
depositors
shall
not
7
be
destroyed.
A
copy
of
an
original
may
be
kept
in
lieu
of
8
any
such
original
record.
For
purposes
of
this
subsection
,
a
9
copy
includes
any
duplicate,
rerecording
or
reproduction
of
10
an
original
record
from
any
photograph,
photostat,
microfilm,
11
microcard,
miniature
or
microphotograph,
computer
printout,
12
electronically
stored
data
or
image,
or
other
process
which
13
accurately
reproduces
or
forms
a
durable
medium
for
accurately
14
and
legibly
reproducing
an
unaltered
image
or
reproduction
of
15
the
original
record.
16
Sec.
2.
Section
533.322,
subsection
1,
Code
2011,
is
amended
17
to
read
as
follows:
18
1.
The
superintendent
may
adopt
rules
regarding
the
19
preservation
of
records
and
files
of
a
state
credit
union
or
20
any
other
person
supervised
or
regulated
by
the
superintendent.
21
A
state
credit
union
is
not
required
to
preserve
its
records
22
for
a
period
longer
than
eleven
seven
years
after
the
first
23
day
of
January
of
the
year
following
the
time
of
the
making
24
or
filing
of
such
records.
However,
account
records
showing
25
unpaid
balances
due
to
depositors
shall
not
be
destroyed.
26
EXPLANATION
27
This
bill
reduces
the
period
of
time
during
which
a
state
28
bank
or
state
credit
union
is
required
to
preserve
its
records
29
from
the
currently
required
11
years
after
the
first
day
of
30
January
of
the
year
following
the
time
of
the
making
or
filing
31
of
the
record,
to
seven
years
after
the
first
day
of
January
32
of
the
year
following
the
time
of
the
making
or
filing
of
the
33
record.
34
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