Ohio § 1733.291

§ 1733.291.

(A) Every credit union shall retain or preserve the following credit union records and

supporting documents for only the following periods of time: (1) For one year: (a) Broker's confirmations, invoices, and statements relating to security transactions

of the credit union or for or with its customers, after the date of transaction; (b) Corporate resolutions, partnership authorizations, and similar authorizations relating

to closed accounts, loans that have been paid, or other completed transactions, after

the date of closing, payment, or completion; (c) Ledger records of safe deposit accounts, after the date of last entry on the ledger; (d) Night depository records, after the date of transaction; (e) Records relating to closed Christmas club or similar limited duration special purpose

accounts, after the date of closing; (f) Records relating to customer collection accounts, after the date of transaction; (g) Stop payment orders, after the effective date; (h) All records relating to closed consumer credit loans and discounts, after the date

of closing; (i) Deposit tickets relating to demand deposit accounts, after the date of deposit. (2) For six years: (a) Deposit and withdrawal tickets relating to open or closed savings accounts, after

the date of transaction; (b) Individual ledger sheets or other records serving the same purpose that show a zero

balance and that relate to demand, time, or savings deposit accounts, and safekeeping

accounts, after the date of last entry, or, where the ledger sheets or other records

show an open balance, after the date of transfer of the amount of the balance to another

ledger sheet or record; (c) Official checks, drafts, money orders, and other instruments for the payment of money

issued by the credit union and that have been canceled, after the date of issue; (d) Records relating to closed escrow accounts, after the date of closing; (e) Records, other than corporate resolutions, partnership authorizations, and similar

authorizations relating to closed loans and discounts other than consumer credit loans

and discounts, after the date of closing; (f) Safe deposit access tickets and correspondence or documents relating to access, after

the date of transaction; (g) Lease or contract records relating to closed safe deposit accounts, after the date

of closing; (h) Signature cards relating to closed demand, savings, or time accounts, closed safe

deposit accounts, and closed safekeeping accounts, after the date of closing; (i) Undelivered statements for demand deposit, negotiable order of withdrawal, savings,

agency, brokerage, or other accounts for which customer statements are prepared, and

canceled checks or other items, after the date of statement, provided the credit union

has attempted to send the statements and checks or other items to its customer, has

held them pursuant to the instructions of or an agreement with its customer, or has

made them available to its customer. (B) The superintendent of financial institutions may designate a retention period of

either one year or six years for any record maintained by a credit union but not listed

in division (A) of this section.  The credit union shall retain or preserve records that are not listed in division

(A) of this section and for which the superintendent has not designated a retention

period for six years from the date of completion of the transaction to which the record

relates or, if the last entry has been transferred to a new record showing the continuation

of a transaction not yet completed, from the date of the last entry. (C) The requirements of divisions (A) and (B) of this section may be complied with by

the preservation of records in the manner prescribed in section 1733.29 of the Revised Code . (D) In construing the terms set forth in division (A) of this section, reference may

be made to general credit union usage. (E) A credit union may dispose of any records that have been retained or preserved for

the period set forth in divisions (A) and (B) of this section. (F) Any action by or against a credit union based on, or the determination of which would

depend on, the contents of records for which a period of retention or preservation

is set forth in divisions (A) and (B) of this section shall be brought within the

time for which the record must be retained or preserved. (G) Where a record may be classified under either division (A)(1) or (2) of this section,

the credit union shall retain or preserve the record for the period set forth in division

(A)(2) of this section.