Montana Code 32-1-491. Destruction of records
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32-1-491. Destruction of records. (1) Banks are required to preserve or keep their records of customer accounts for at least 8 years after January 1 of the year following the time that the records are made. However, records showing unpaid balances in favor of depositors of a bank may not be destroyed. Liability may not accrue against a bank destroying any records, except records of which destruction is forbidden by this section, after the expiration of the time provided in this section.
Terms Used In Montana Code 32-1-491
- bank: as used in this chapter means any corporation that has been incorporated to conduct the business of receiving money on deposit or transacting a trust or investment business, as defined in this chapter. See Montana Code 32-1-102
- Department: means the department of administration provided for in Title 2, chapter 15, part 10. See Montana Code 32-1-109
(2)The department shall adopt rules providing for retention schedules for bank records other than those records listed in subsection (1).