Arizona § 6-242 - Preservation of bank records; regulations; disposal
Full text of Arizona Arizona Revised Statutes § 6-242 — Preservation of bank records; regulations; disposal, with citation guidance and answers to common questions.
§ 6-242. Preservation of bank records; regulations; disposal
A. Every bank shall retain its corporate and business records in accordance with regulations of the deputy director. The regulations shall classify the records, establish allowable methods for effective and economical preservation of information contained in the records if the originals are destroyed pursuant to regulation, and prescribe the minimum periods of time each record or allowed substitute shall be preserved.
B. In issuing the regulations under subsection A of this section, the deputy director shall consider:
1. Actions at law and administrative proceedings in which the production of bank records might be necessary or desirable.
2. Statutes of limitation applicable to such action or proceedings.
3. The availability of information contained in bank records from other sources.
4. Such other matters as the deputy director deems pertinent in order that the deputy director's regulations will require banks to retain records for as short a period of time as is commensurate with the interests of bank customers and shareholders and of the people of this state in having bank records available.
C. A bank may dispose of any record or allowed substitute that has been retained for the applicable record prescribed in accordance with the terms of this section, and shall thereafter be under no duty to produce such a record in any action or proceeding.
Source: official Arizona text · Last verified 2026-08-27
Frequently Asked Questions About Arizona § 6-242
What does Arizona Revised Statutes § 6-242 cover?
Section 6-242 ("Preservation of bank records; regulations; disposal") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 6-242?
A common citation format is "Arizona Revised Statutes § 6-242" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 6-242 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.