Rule 2.59.405 - RETENTION OF CREDIT UNION RECORDS(1) Credit unions are required to retain records of member accounts, as defined in (7), for at least eight years after January 1 of the year following the time that the records are made; however, records showing unpaid balances in favor of members may not be destroyed.(2) The publication Montana Credit Union Records Retention Schedule, Appendix A to ARM 2.59.405 (Appendix A), establishes the minimum retention period for records other than member account records for all state-chartered credit unions. Appendix A is maintained by the Commissioner of Banking and Financial Institutions, and may be updated not more than once a year by the commissioner. The August 11, 2014, edition of Appendix A is incorporated by reference as part of this rule. A copy of Appendix A can be obtained from the Division of Banking and Financial Institutions, Department of Administration, 301 South Park, P.O. Box 200546, Helena, MT 59620-0546 or found on the department's web site at http://banking.mt.gov/creditunion.mcpx [File Link Not Available].(3) When a credit union microfilms, photographs, or uses other electronic or computer-generated data records in the regular course of business, the retention period of the microfilm, photographs, electronic, or computer-generated data must be the same as specified in Appendix A.(4) Credit unions must comply with all applicable federal laws and regulations concerning credit union records retention requirements. In the event that an applicable federal law or regulation conflicts with a retention period contained in this rule or in Appendix A, a credit union must comply with whichever retention period is longer. Credit unions must comply with other applicable state laws governing retention of personnel records, corporation records, etc.(5) If a credit union does not maintain records set forth in Appendix A, but maintains similar records with equivalent information, the credit union's similar records must be retained for the time specified within Appendix A.(6) Records not covered by this rule, Appendix A, or applicable federal laws and regulations must be retained for a period of time determined appropriate by the credit union's board of directors. The board's minutes must reflect the record retention periods determined appropriate and be maintained as a permanent part of the board's minutes.(7) "Member accounts" for record retention purposes means member deposit accounts including share savings accounts, share draft accounts, share certificates, safety deposit boxes, trust accounts, negotiable orders of withdrawal (NOW) accounts, and money market deposit accounts.NEW, 2006 MAR p. 3068, Eff. 12/22/06; AMD, 2014 MAR p. 2445, Eff. 10/10/14.32-3-201, MCA; IMP, 32-3-204, MCA;