N.J. Admin. Code § 3:26-1.1

Current through Register Vol. 56, No. 21, November 4, 2024

Section 3:26-1.1 - Records retention schedule

(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