New Jersey Administrative Code
Title 3 - BANKING
Chapter 26 - GENERAL PROVISIONS FOR STATE SAVINGS AND LOAN ASSOCIATIONS
Subchapter 1 - DESTRUCTION AND RETENTION OF RECORDS
Section 3:26-1.1 - Records retention schedule
Universal Citation: NJ Admin Code 3:26-1.1
Current through Register Vol. 56, No. 18, September 16, 2024
(a) A savings and loan association shall maintain its records for the following minimum periods:
| Description of Books, Records, etc. | Period to be Retained | |
|---|---|---|
| 1. | Payment slips | 2 years |
| 1A. | Coupons used with club accounts | 1 year after payout of |
| club account | ||
| 1B. | Coupons used with mortgage accounts | 2 years, where a copy |
| of the statement of the | ||
| mortgage account is | ||
| submitted annually to | ||
| the mortgagor and a | ||
| copy of said statement | ||
| is retained in the | ||
| association's file | ||
| 2. | Withdrawal slips | |
| i. | Supported by checks | 6 years |
| ii. | If only record | 10 years |
| 3. | Subsidiary ledgers, etc. | |
| i. | Individual account cards and sheets | 6 years after account |
| is closed | ||
| ii. | Roll books (Shareholders' ledgers) | 10 years |
| 4. | General ledger: books, cards or sheets | 10 years |
| 5. | Tellers' Proof Sheets used as posting media | 6 years |
| 6. | Tellers' Proof Sheets not used as posting media | 2 years |
| 7. | Cancelled checks, including dividend and trust | 6 years |
| account checks | ||
| 8. | Bank statements | 6 years |
| 9. | Cancelled signature cards on closed accounts | 6 years |
| 10A. | Passbooks (Closed accounts and filled books) | Cancel and return to |
| member or destroy | ||
| 10B. | Share certificates | 10 years |
| 11. | Account transfer or share assignment records | |
| i. | Individual accounts cards or sheets | 10 years |
| ii. | Roll book accounts | 10 years |
| 12. | Paid bills | 6 years |
| 13. | Correspondence | |
| (a) | General | 6 years |
| (b) | Of contractual nature | Expiration of contract |
| 14. | Expired insurance policies | Until after notice |
| period for claims has | ||
| expired, when policy is | ||
| cancelled or when a | ||
| policy is renewed | ||
| 15. | Memorandum insurance records | Until loan is repaid |
| 16. | Corporate insurance records | Until after policy is |
| renewed, when notice | ||
| period for filing of | ||
| claims has expired, or | ||
| when policy is cancelled | ||
| 17. | Paid bills for mortgagors | Until loan is repaid |
| 18. | Tax bills | Return to borrower or |
| retain until loan is | ||
| repaid | ||
| 19. | Memorandum of tax payments on mortgages | Until loan is repaid |
| 20. | Paid off mortgage files | Return appropriate |
| documents to borrowers, | ||
| retaining a separate | ||
| "loans paid in full" | ||
| file wherein a copy of | ||
| the letter itemizing | ||
| papers returned to the | ||
| borrower will be filed | ||
| or a receipt for said | ||
| papers will be filed. | ||
| Other correspondence | ||
| can be destroyed. | ||
| Loan application and appraisal reports to be retained for at least 2 years | ||
| 21. | Unconsummated loans (Approved but not | Retain loan application |
| completed) | and appraisal report | |
| for 2 years | ||
| 22. | Proxies and ballots | 6 years |
| Where there is no | ||
| contest a certificate | ||
| of the Judge of | ||
| Elections certifying | ||
| the result may be | ||
| retained instead of | ||
| proxies and ballots for | ||
| said 6 years | ||
| 23. | Corporate minutes: directors, executive | 10 years |
| committee and members' meetings | ||
| 24. | Reports | |
| i. | Examination reports | 10 years |
| ii. | Audit reports | 10 years |
| iii. | Annual reports to Department | 10 years |
| 25. | Monthly reports to directors (one copy) | 3 years |
| 26. | Records of original entry--general journal, | 10 years |
| cash receipts and disbursements journal, etc. | ||
| 27. | Unit accounting machine tapes | 2 years |
| 28. | Block control and trial balance tapes | 2 years |
| 29. | Journal vouchers | 3 years |
| 30. | Duplicate bank deposit tickets or transit | 2 years |
| sheets | ||
| 31. | Inheritance tax waivers and surrogates' | 6 years |
| certificates | ||
| 32. | Account loan notes | Return to borrower on |
| repayment | ||
| 33. | Trustee account bank statements | 6 years |
| 34. | Trustee account ledger | 10 years |
| 35. | Money order stubs, receipts for travelers' | 2 years |
| checks and receipt for bond sales and | ||
| redemptions | ||
Disclaimer: These regulations may not be the most recent version. New Jersey 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.
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