Compilation of Rules and Regulations of the State of Georgia
Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE
Chapter 80-10 - RECORDS RETENTION
Subject 80-10-1 - RECORDS RETENTION
Rule 80-10-1-.01 - Minimum Records Retention Periods

Universal Citation: GA Rules and Regs r 80-10-1-.01

Current through Rules and Regulations filed through September 23, 2024

(1) Financial institutions are required to maintain the following records for the minimum period of time set forth below:

(a) Permanent:
1. Minute books, including supporting documents utilized during meetings, of the financial institutions' shareholders or members, Board of Directors, and Board Committees.

2. Capital stock ownership, including the names and addresses of all shareholders and the number, class, and series, if any, of the shares, and transfer records.

(b) 20 years:
1. Copies of regulatory reports of examination, targeted reviews and responses to such reports of examination or targeted reviews.

2. Regulatory actions including, but not limited to, consent orders, memoranda of understanding, and Board resolutions.

(c) 5 years:
1. All general ledger and subledger accounts that comprise the daily income statement and balance sheet.

2. Internal and external audit reports, including supporting work papers.

(d) 5 years after payout or disposition:
1. For loans and discounts, all records applicable to full credit documentation including evidence of collateral security and underwriting support of the credit relationship to include modifications, renewals, extensions, and collections.

(2) Paragraph (1) establishes the minimum period of time that each financial institution must maintain certain records in order to enable the Department to thoroughly conduct an examination of the institutions. Each financial institution has the discretion to maintain these records for a longer period of time.

(3) Nothing herein shall be construed as altering or modifying any other record retention requirement established by law, rule, or otherwise including, but not limited to, Rule 80-1-3-.01 and Rule 80-2-1-.02.

O.C.G.A. §§ 7-1-61; 7-1-63.

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