The Florida Senate

657.055  Retention and destruction of certain records.--

(1)  The following credit union records must be retained permanently in either their original form or copied photographically, microphotographically, or on archival computer media:

(a)  Charter, bylaws, and amendments.

(b)  Certificates of share insurance or any license to operate under a program of any government agency.

(c)  General ledger and supporting subsidiary ledgers.

(d)  Minutes of meetings of the members, board of directors, credit committee, audit committee, and supervisory committee.

(e)  Supervisory or audit committee annual audit report, or equivalent examination report by a certified public accountant, and any attachments.

(f)  Listings of records destroyed.

(2)  The following credit union records, if used, must be retained in either their original form or copied photographically, microphotographically, or on archival computer media for a period of at least 5 years after January 1 of the year following the date the records are made or filed:

(a)  Balance sheets and statements of income and expenses.

(b)  Individual share and loan records.

(c)  Journal and cash records.

(d)  Cash account reconcilements.

(e)  Dividend records.

(f)  Expense records.

(g)  Reports of financial condition.

(h)  Matured investment records.

(i)  Supervisory or audit committee summary of account verification or the equivalent prepared by a certified public accountant.

(j)  Closed applications for membership and share account agreements.

(3)  No liability shall accrue against any credit union destroying any such records after the expiration of the period provided in subsection (2), and in any cause or proceedings in which any such records or files are called into question or demanded of the credit union or an employee thereof, a showing that such records or files have been destroyed in accordance with the terms of this section constitutes a sufficient excuse for the failure to produce them.

(4)  Any credit union may photograph, microphotograph, use archival computer media, or reproduce on film, in such manner that each page is exposed in its entirety, any of its journals, ledgers, statements, account books, other books, or internal records of every description made or received in the regular course of its business, and the photographs, microphotographs, archival computer media, or reproductions on film in the form of film, prints, or enlarged prints, or any duly certified or authenticated copy or reproduction thereof, duly certified or authenticated by a responsible officer of the credit union under whose supervision the records are kept shall, in all cases and in all courts and places, be admitted and received as evidence with a like force and effect as the original general ledger, voucher, statement, account book, or other record.

(5)  Retention requirements of federal laws must be satisfied pursuant to appropriate federal regulations.

(6)  This section shall, so far as applicable, apply to the records of federal credit unions operating in this state.

History.--ss. 1, 6, ch. 80-258; ss. 2, 3, ch. 81-318; ss. 9, 46, ch. 82-214; s. 1, ch. 91-307; ss. 1, 96, ch. 92-303.