New Jersey § 17:9a-247

§ 17:9a-247.

a. Any banking institution may cause to have copied or reproduced by any photostatic,

photographic , miniature photographic or any other process which correctly and accurately copies or reproduces, or forms a medium of

copying or reproducing, all or any part of its documents and records relating to the

accounts of its depositors and the operation of its business, other than its notes,

bonds, mortgages and other securities and investments, and may substitute the copy

or reproduction for the original thereof. Thereafter, the copy or reproduction shall be deemed for all purposes to be an original counterpart of the original thereof

and shall have the same force and effect as the original thereof, and the banking

institution may destroy or otherwise dispose of the original. For the purposes of this section, open-end line-of-credit agreements, including, but

not limited to, advance loan contracts made pursuant to P.L.1959, c. 91 ( C. 17:9A-59.1 et seq. ) and revolving credit equity loans pursuant to regulation of the commissioner, are

not deemed to be notes, bonds, mortgages or other securities or investments and their

copies shall be deemed to have the same force and effect as the originals, as set

forth in this section. b. The commissioner may adopt rules and regulations permitting the destruction of

originals and copies of books, records, certificates, documents, reports, correspondence

and other instruments, papers and writings of a banking institution, which, because

of age or other reasons, need not be preserved.