Vermont § 11301 - Preservation of records

§ 11301. Preservation of records

• (a) A Vermont financial institution, and a state financial institution with a branch in
  this State, shall keep those books, accounts, and records relating to all of its transactions
  that will enable the Commissioner to ensure full compliance with the laws of this
  State. Each such financial institution shall retain its business records for such
  periods as prescribed by the Commissioner by regulation. (b) Any such financial institution may dispose of any record that has been retained for
  the period prescribed by or in accordance with the regulation for retention of records
  of its class and thereafter shall be under no duty to produce the record in any action
  or proceeding. (c) Records required to be preserved and retained by law or regulation may be maintained
  in paper, photograph, microprocess, magnetic, digital, mechanical, or electronic media,
  or in or by any other information storage device or process that forms a durable medium
  providing reasonable assurances against tampering and degradation of any reproduction
  of the original record and that can be accurately transferred to paper in a legible
  written form within a reasonable time. Records maintained in a computer-based format
  shall be archival in nature only, so as to preclude the possibility of alteration
  of the content of the record by computer once the record has been transferred to that
  format. Any record reproduced from a record maintained in compliance with this subsection
  shall have the same force and effect as the original thereof and may be admitted in
  evidence equally with the original. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)