Nevada Administrative Code
Chapter 678 - Credit Unions
Section 678.210 - Retention of records

Universal Citation: NV Admin Code 678.210

Current through February 27, 2024

1. Except as otherwise provided in this section, a credit union may destroy a record 1 year after the date on which the record is created.

2. A credit union shall retain permanently the following records:

(a) The charter and bylaws of the credit union, and any amendments thereto;

(b) Proof of each license to operate as a financial institution granted to the credit union pursuant to federal law or the law of any state, including, without limitation, a certificate to act as an issuing agent for the sale of United States Savings Bonds; and

(c) Records of the operation of the credit union, including, without limitation:
(1) Minutes of all meetings of the members, board of directors, credit committee and audit committee;

(2) A copy of each financial report required pursuant to NAC 678.110 or an equivalent form filed by the credit union;

(3) A copy of each comprehensive annual audit of the audit committee and each accompanying report and attachment;

(4) Records of account verification of the audit committee;

(5) Applications for membership and account agreements of members;

(6) A copy of each periodic statement of members and individual share and loan ledgers, including, without limitation, a complete record of all accounts of members; and

(7) A list of all records that are destroyed pursuant to subsection 1.

3. Applications for membership and account agreements of a person who is not a member of the credit union must be retained for a period of 7 years after the date on which the credit union determines the record is no longer useful.

4. A record that is otherwise required to be retained by state statute or federal law must be retained in accordance with that statute or law.

5. Records of a credit union may be retained in any format that can be readily reproduced, including, without limitation, original paper format, machine copy or electronic format, and must:

(a) Accurately reflect the information contained in the record;

(b) Be capable of reproduction for a person who is entitled to access that record; and

(c) Be capable of being transmitted, printed or otherwise disseminated.

Added to NAC by Comm'r of Financial Institutions by R110-06, eff. 6-28-2006

NRS 678.250, 678.260

Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.