Sec. 10.1. Retention of records.
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/il/chapter-205/act-305/10-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 10.1. Retention of records.
(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.