1. The division of finance shall issue rules for classifying the records kept by all banks and trust companies in the state and specifying the minimum period for which records of each class shall be retained. The period may be permanent or for a term of years. Prior to issuing these rules the division of finance shall consider:

(1) Court and administrative proceeding requirements pertaining to evidence and the production of bank records;

(2) State and federal statutes of limitations and record retention statutes and regulations; and

(3) Other matters which the division considers pertinent so that its recommendations protect bank records for as short a period as possible and ensure the safety and soundness of the bank.

2. A state chartered bank may have records in its custody reproduced as provided in section 362.413.

3. No bank or trust company shall be liable for disposing of any record provided that such bank or trust company complies with the rules issued by the division of finance pursuant to this section.