§ 6-715. Books and records

   (a) Duty to maintain. -- A credit union shall keep the books and records that the Commissioner requires to determine compliance with this title.

(b) Term. -- Unless a longer period is expressly required by State or federal law, a credit union shall retain the books and records required under subsection (a) of this section for a period of at least 5 years.

(c) Location. -- A credit union may retain the books and records required under subsection (a) of this section at any location, provided that the credit union:

   (1) Notifies the Commissioner in writing of the location of the books and records; and

   (2) Makes the books and records available at the credit union's principal place of business, as agreed by the Commissioner and the credit union, within 7 days of a written request for examination by the Commissioner.

(d) Form. -- A credit union shall retain the books and records required under subsection (a) of this section in one of the following ways:

   (1) Original form;

   (2) An electronic equivalent approved by the Commissioner; or

   (3) A microphotographic copy approved by the Commissioner.

HISTORY: 2001, ch. 147, § 1; ch. 148, § 1.