Sec. 16. (a) The board of directors shall develop a records retention policy. In developing the policy, the board of directors shall consider:
(1) legal actions and administrative proceedings in which the production of company records is necessary or desirable;
(2) state and federal statutes of limitation applicable to legal actions and administrative proceedings; and
(3) the availability of information contained in the company records from other sources.
(b) Except for records that must be permanently retained, a company may dispose of a record that has been retained for the period required and in the manner required by the records retention policy. A company is not under a duty to produce the record in an action or proceeding after the disposal of the record.
(c) The department may require each such company to prepare and submit such reports of condition as are deemed necessary in any year, and if the department so orders, any such company shall publish such statement of condition in the manner and form prescribed by the department.
Formerly: Acts 1935, c.181, s.16. As amended by P.L.263-1985, SEC.154; P.L.11-1998, SEC.10.
Structure Indiana Code
Title 28. Financial Institutions
Article 5. Industrial Loan and Investment Companies
Chapter 1. Industrial Loan and Investment Act
28-5-1-2. Application of Chapter
28-5-1-3. Definitions; Department's Powers
28-5-1-4. Definitions; Certificate of Authority; Branches; Automated Teller Machines
28-5-1-5. Capital Requirements
28-5-1-6.3. Request to Exercise Rights and Privileges Granted to National Banks; Appeal
28-5-1-6.5. Sale of Annuity Contracts
28-5-1-10. Time for Existing Companies to Comply With Loan Limits
28-5-1-11. Acquisition or Conveyance of Real Estate; Purposes
28-5-1-12. Certificates of Indebtedness or Investment; Form; Payment; Withdrawals
28-5-1-13. Certificates of Indebtedness or Investment; Reserve Balance
28-5-1-14. Surplus Account; Dividends
28-5-1-15. Authority of Department; Examination of Affiliates; Examination of Vendors
28-5-1-16. Records Retention Policy
28-5-1-17. Rules and Regulations
28-5-1-18. Fidelity Coverage for Officers and Employees; Bonds; Reserve Funds
28-5-1-19. Exclusion From Banking Business; False Advertising; Desist Orders
28-5-1-22.1. Prohibited Transactions
28-5-1-25. Conversion Into State Bank, Trust Company, or Savings Association
28-5-1-26. Requirement to Provide Property Tax Information in Certain Transactions