Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
029 - BUREAU OF FINANCIAL INSTITUTIONS
Chapter 101 - RETENTION OF RECORDS - FINANCIAL INSTITUTIONS (Reg. #1)
Section 029-101-VI - PERIOD OF RETENTION (IN YEARS UNLESS SPECIFIED OTHERWISE)
ACCOUNTING
Accounts Payable 6
Accounts Receivable 6
ATM Machine Settlement 3
Branch Daily Statement 3
Branch Petty Cash Checks 6
Budgets 1
Canceled Checks 7
Cash Reserve Reports 2
Corporate Tax Returns, Tax Liability Calculations 7
Correspondent Bank Accounts - Statements 6
Currency Orders & Shipments 1
FASB 91 Accounting Records (after termination of loan) 6
Fixed Asset Records - annual record of depreciation expense 7
Fixed Asset Records - detail of individual assets, including cost, method of 7
depreciation, accumulated depreciation, net book value
(after disposition/abandonment)
General Ledger Records 10
General Ledger Tickers & Transaction Reports 6
General Ledger Proof Sheets 2
Inactive/Dormant Account Records 10
Incoming Cash Letters 3 Months
Invoices from Vendors 6
Journal Entry Records 6
On-line Transaction Reports 2 Months
Other Real Estate Owned (OREO) Records 6
Outgoing Cash Letters 3
Reconcilements of Bank (Due To/From) 6
Regulatory Reports/Call Reports 10
Semi-annual Assessment Forms 3
Teller Overs & Shorts 3
Teller/Branch Proof Records 3
Trial Balance - End of Year 6
Trial Balance - Other than End of Year 2 Months
AUDIT/SECURITY
Abandoned Property Reports 10
Audit Reports - External 10
Audit Reports - Internal 6
Audit Workpapers - Internal 6
Documentation Relating to Fraud, Embezzlement Permanent
Security Audio/Video Tapes (Not Used as Evidence) 2 Months
CORPORATE RECORDS
Bank-Owned Property-Contracts/Leases, Deeds, 10
Mortgages, (after disposition/abandonment)
Board/Committee Minutes Permanent
Bylaws Permanent
Canceled Stock & Bond Certificates & Expired Options 7
Charter Permanent
Contracts and Leases (Expired) 7
Dividend Reports Permanent
Examination Reports/Regulatory Agreements Permanent
Insurance Claims (after Settlement) 7
Insurance Policies (Expired) 3
Licenses & Permits (after Expiration) 7
Litigation Permanent
Proxies 6
Stock Transfer Records Permanent
Stockholders Certificates (Unissued) Permanent
Stockholders Register Permanent
CORRESPONDENCE
Attachments, Garnishments, Liens, Levies 6
Date of Death Notification 6
General Correspondence 3
Letters of Appointment 6
Name & Address Change Forms 6
Subpoenas Permanent
Registered Mail:
Registered Mail Record (Incoming & Outgoing) 3
Returned Mail (Excluding Promotional Material) 1
Return Mail Register 6
Return Receipt Cards 3
CUSTOMER SERVICES
Broker's Confirmations & Invoices 6
Cash/Returned Items 3
Foreign Currency Draft Log 6
Night Deposit Contracts & Logs (after date of final activity in account) 2
Receipt Books 2
Repurchase Agreements (after date of final activity in account) 2
Safekeeping Records & Receipts (after date of final activity in account) 6
Safety Deposit Records (after date of final activity in account) 6
Securities Buy/Sell Orders 6
Travelers Checks Records 2
Wire Transfers 6
DEPOSIT SERVICES
Certificates of Deposit (after date of final activity in account) 6
Club Accounts (after date of final activity in account) 3
Collections Items 3
Debit and Credit Adjustment Tickets 6
Deposit Rate Sheets 6
Deposit/Withdrawal Tickets 6
Overdraft Reports 6 Months
Paid Items 6
Signature Cards (after date of final activity in account) 6
Statements (Copies of periodic) 6
Stop Payment Orders 1
Truncated Checks 6
Undeliverable Statements & Canceled Checks 6
HUMAN RESOURCES
Benefit Plans:
Pension - Annual Reports 40
Pension Plan Description 40
Profit Sharing Plan Description 7
Profit Sharing Plan Records 7
Payroll Records:
Authorization of Deductions (after Termination of
Employee or Cancellation/Revision of Deductions) 1
Time Cards 6
Garnishments 6
INVESTMENTS
Bonds:
Amortization Records 6
Confirmations 1
Correspondence 2
Safekeeping Receipts 2
Brokers' Securities:
Brokers' Securities 2
Brokers' Statement 2
Report of Lost or Stolen Securities 3
Safekeeping Advice 2
Taxpayer ID Number 5
INVESTMENTS (Continued)
Commercial Paper:
Brokers' Advices 2
Purchase Orders 2
Remittance Advices 2
Investment Certificates:
Certificates 7
Full Paid Share 7
Interest Accrual Records 7
Interest Remittance Advices 7
Investment Purchase Orders 2
Miscellaneous Maturities 3
Safekeeping Receipts 2
Securities Register 10
Mortgage Backed Securities:
Buy & Sell Agreements 3
Commitment Letters 3
FHLMC/FNMA Loan Files 7
GNMA Certificates 7
Interest Accrual Records 7
Monthly Remittance Reports 7
LOANS
NOTE: Unless otherwise indicated, all loan records are to be kept for the time period indicated AFTER the date of final activity.
General:
Charge Off Records 10
Charged Off Notes 10
Loan Application File-Denied 25 Months
Loan Officer Committee Records 6
New Loan Journal 6
Overdraft Loan Agreements 6
Paid Loan Journal 6
Payment Tickets 6
Periodic Customer Statements 6
Rate Sheets 6
Transaction Journal As Original Entry 6
Transaction Journal By Product of Post 2
W-9's 3
LOANS (Continued)
Commercial Loans:
Approved Loan File:
Applications 6
Appraisals 6
Bill of Sale 6
Borrowing Resolutions 6
Business Annual Reports (Fiscal/Yr End) (after date of report) 3
Business Cashflow Analysis (after date of report) 3
Business Income/Expense Statements (after date of statement) 3
Business Tax Returns (after date of return) 3
Commitment Letters 6
Committee Presentations 6
Correspondence 6
Declaration of Value (Transfer Tax Form) 6
Disclosure Records 6
Evidence of Insurance 6
Guarantee 6
Memos 6
Mortgage Deed (Copy of) 6
Personal Financial Statements (after date of statement) 3
Promissory Note 6
Purchase and Sales Agreement 6
Security Agreement 6
Supporting Corporate Documents - Certificate of Good Standing 6
Supporting Corporate Documents - Corporate Vote 6
Title Opinion 6
Consumer Loans:
Approved Loan File: 6
Application 6
Collateral Records 6
Commitment Records 6
Correspondence 6
Credit Report 6
Disclosure Statements 6
Evidence of Compliance with Fair Credit Reporting Act Resolution 6
Hazard Insurance Records 6
Invoices 6
Life & Disability Insurance Records 6
New Account Setup Records 6
Promissory Note And Any Modification Agreements - Copy of 6
Records of Credit Transactions 6
Title - Copy of 6
UCC Filings - Copy of 6
LOANS (Continued)
Real Estate Loans:
Approved Loan File: 6
Application 6
Appraisal 6
Assignment of Escrow 6
Assumption Letters 6
Commitment Letters 6
Correspondence 6
Credit Report 6
Deed 6
Disclosure Records 6
Escrow Records 6
FHA Insurance Certificates 6
Good Faith Estimate 6
Hazard Insurance Life of Loan
Promissory Note & Any Modification Agreements - Copy of 6
Proof of Insurance Excluding Hazard 6
Sales Contracts 6
Settlement Sheet 6
Survey 6
Title Documentation 6
VA Loan Guarantee 6
Verification of Deposit Life of Loan
Verification of Employment Life of Loan
Construction Loans:
Approved Loan File:
All Relevant Documents from Real Estate Loan File as Listed Above,
Plus Any of the Following:
Certificate of Occupancy 6
Construction Progress Reports 6
Contractors Cost Breakdown 6
Disbursement Documentation 6
Inspection Reports 6
Residential Construction Specifications & Materials List 6
LOANS (Continued)
Credit Card Loans:
Consumer File:
Approved Loan File:
Application 6
Correspondence 6
Credit Reports 6
Disclosure Statements 6
Records of Credit Transactions 6
Merchant File:
Approved Loan File:
Application 6
Site Inspection 6
Credit Report 6
Merchant Agreement 6
TRUST DEPARTMENT
Accounting Records:
Budget Work Papers 4
Expense Checks 6
Expense Sheets 4
General Ledger 10
Paid Bills, Statements, Invoices 6
Reconcilements 3
Tax Work Papers 10
Administration:
Appraisal of Real and Personal Property 10 *
Correspondence, Important and/or Controversial 10 *
Correspondence, Routine and Memorandums 3 *
Decedents Personal Records - Deliver/remaindermen 0
Decrees or Receipts and Releases 10 *
Fee Records and Supporting Data 2 *
Intermediate and Final Accounts 10 *
Judgments, Court Orders, Legal Opinions, etc. 10 *
Paid Bills - after paid 3
Real Estate Insurance Policies - after expiration 1
____________________
* After termination of fiduciary responsibility
TRUST DEPARTMENT (Continued)
Real Estate and Mortgage Documents 10 *
Receipts for Assets Received or Delivered 10 *
Records of Asset Tax Costs 10
Scholarship Grants - after distribution 5
Summary Cards, Original Instruments, Agreements and Amendments,
Letter of Appointment 10 *
Synopsis Sheets 3 *
Investments:
Annual Reports - Common Trust and Pooled Funds 10
Common Trust/Pooled Fund Valuations 10
Common Trust/Pooled Fund Workpapers 7
Investment and Administrative Committee - Minutes 10
Investment Orders (Tickets) and Brokers Confirms 7 *
Investment Review and Related Material 3 *
Routine Correspondence and Memoranda (after date of transaction or closing) 2
Summary of Annual Account Activity 10 *
Internal Operations:
Abandoned Property Reports - after date filed 10
Asset Trial Balances 10
Brokers Monthly Statements 6
Canceled Trust Checks 10
Cash and Asset Blotter 7
Cash Dividend, Stock Dividend, Split and Bond Interest Proof, Maps, Claims 5
Copies of Cash and Assets Statements 10
Copies of IRS Forms (1087, 1099, etc.) and Supporting Papers 4
Daily Posting and Proving Media for Cash and Assets 7
Duties Ticklers, Check Lists, Other Internal Records 3
Fee or Commission Ledgers 5
General Correspondence and Memoranda 3
Paid Bills 6
Proxies 2
Registered/Certified Mail Receipts 7
Rights Offerings, Tenders, Exchanges, Reorganizations, Name Changes, etc. 5
Trust Check Registers and Stop Payment Orders 6
Vault Deposit and Withdrawal Tickets 10
Vault Entry Logs 6
Worthless Securities - Original Document Permanent
____________________
* After termination of fiduciary responsibility
TRUST DEPARTMENT (Continued)
Employee Benefit/Corporate Trust:
Canceled Bond/Coupons/Supporting Transfer Papers -
Return to Issuing Corporation and Retain or
Cremate and Retain Certificate of Cremation Permanent
ERISA Annual Reports 3
Inventory Records 10 *
Letters of Transmittal/Receipts of Transfer 10 *
Pension Payment Authorization 10
Pension/Profit Sharing Allocation Reports 7
Transfer Logs for Cancellation/Reissue of Certificate 10 *
Written and Telephone Logs with Monthly Recaps 10
Taxes:
Federal/State Estate Tax Returns and Related Papers (after Account Closed) 7
Federal/State Gift Tax Returns 7
Federal/State Income Tax Returns and Work Papers 7
____________________
* After termination of fiduciary responsibility
