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Can you summarize 5 ALCA Chapter 4A?
BANKS AND FINANCIAL INSTITUTIONS. > RETENTION OF BANK RECORDS.
Short Summary
The provided legal document content pertains to the retention of bank records. It states that every bank is required to retain its business records for a period prescribed by regulation. The superintendent has the authority to determine the period for record retention. Once the prescribed period has passed, banks are allowed to dispose of the records. Additionally, banks have the option to reproduce their books and records using various reproduction processes, such as photostatic, photographic, or microphotographic processes. The reproduced copies hold the same legal force and can be admitted as evidence. The document also mentions that the provisions of this chapter apply to banks and national banking associations doing business in the state, as long as they do not contravene any applicable laws or regulations. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Banks
What does it govern?
Retention of bank records
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Alabama