Nevada Administrative Code|Section 678.210 - Retention of records

                                                
 678.210. Retention of records 
 
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