Illinois Compiled Statutes 205 ILCS 305/10.1 – Retention of records
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(a) Each credit union shall retain its records in a manner consistent with prudent business practices and in accordance with this Act and applicable State or federal laws, rules, and regulations. The record retention system utilized must be able to accurately produce such records.
(b) Except where a retention period is required by State or federal laws, rules, or regulations, a credit union may destroy its records subject to the considerations set forth in subsection (a). In the destruction of records, the credit union shall take reasonable precautions to ensure the confidentiality of information in the records.
(c) No liability shall accrue against the credit union, the Secretary, or this State for the destruction of records under the authority of this Section.
(b) Except where a retention period is required by State or federal laws, rules, or regulations, a credit union may destroy its records subject to the considerations set forth in subsection (a). In the destruction of records, the credit union shall take reasonable precautions to ensure the confidentiality of information in the records.
Terms Used In Illinois Compiled Statutes 205 ILCS 305/10.1
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(c) No liability shall accrue against the credit union, the Secretary, or this State for the destruction of records under the authority of this Section.