This rule was filed as 12 NMAC 17.9.

TITLE 12 TRADE, COMMERCE AND BANKING

CHAPTER 17 CREDIT UNIONS

PART 9 RECORD RETENTION

12.17.9.1 Issuing agency: Financial Institutions Division of the Regulation and Licensing Department, Post Office Box 25101, Santa Fe, New Mexico 87504.

[10-31-97; Recompiled 10/15/01]

12.17.9.2 Scope: All credit unions chartered by the state of New Mexico.

[10-31-97; Recompiled 10/15/01]

12.17.9.3 Statutory authority: Section 58-11-3(C) NMSA 1978.

[10-31-97; Recompiled 10/15/01]

12.17.9.4 Duration: Permanent beginning on the effective date.

[10-31-97; Recompiled 10/15/01]

12.17.9.5 Effective date: October 31, 1997, unless a later date is cited at the end of a section or paragraph.

[10-31-97; Recompiled 10/15/01]

[Compiler’s note: The words or paragraph, above, are no longer applicable. Later dates are now cited only at the end of sections, in the history notes appearing in brackets.]

12.17.9.6 Objective: The objective of this part is to establish a definition of record retention pursuant to Subsection B of Section 58-11-6 NMSA 1978.

[10-31-97; Recompiled 10/15/01]

12.17.9.7 Definitions: "Record retention" means the off-site preservation of vital records.

[10-31-97; Recompiled 10/15/01]

12.17.9.8 Issuing authority: The issuing agency is responsible for ensuring that the requirements set forth in this part have been complied with.

[10-31-97; Recompiled 10/15/01]

12.17.9.9 Requirements for NCUA insurance: State chartered credit unions, insured pursuant to Title II of the Federal Credit Union Act and Part 741.215 of NCUA Rules and Regulations, must maintain a records preservation program as prescribed by NCUA Rules and Regulations Part 749.

[10-31-97; Recompiled 10/15/01]

History OF 12.17.9 NMAC: [RESERVED]