17:16W-1. Declaration regarding records retention
87 words·~1 min read·
/nj/title-17/chapter-16w/17-16w-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. The Legislature declares that it is in the public interest to require State chartered financial institutions to retain certain records for specified periods of time. Creating record retention requirements will assist financial institution regulators in their supervisory role and in the examination of financial institutions, help resolve disputes between financial institutions and others, and prevent fraud against financial institutions. This act is intended to promote simplification of financial institution administration by acting as a basis for parity and uniformity with respect to record retention requirements.
L.1999,c.257,s.1.