(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.
‹ Prev All Illinois sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.