Legal Briefs
By: Sonya Allen, General Counsel
Kansas Banking Law Book
The OSBC has received a few calls from bankers and other subscribers to the Kansas Banking Law Book, asking about supplements or updates to the existing book. The OSBC is in the process of creating a CD-Rom version of the law book which should be available in the summer of 2005. No further updates will be provided to the paper book during this transition period. All banks, trust companies, and other law book subscribers will receive additional information concerning the new CD-Rom version of the book as soon as we have more definitive information on the date for the project's completion. As a reminder, many OSBC laws and regulations are available on the OSBC's website, at www.osbckansas.org/DOB/DOBlawsandregulations.html.
Record Retention Update
The State Banking Board has been using its quarterly work sessions to review K.A.R. 17-15-1, which sets the state record retention requirements for banks and trust companies. Substantial progress has been made on updating outdated terms, and deleting references to obsolete records. While industry members have been consulted on an individual and small group basis at various times during the review, once the Banking Board has completed its proposed revisions, the regulation will be mailed to all banks and trust companies for comment. We are hopeful the regulation will be ready for distribution to all banks and trust companies by this summer. As a reminder, K.S.A. 9-1121 specifically allows any records to be stored electronically in a format that does not allow for additions, deletions, or changes to the original document. Further, the statute provides that, "Any reproduction so made shall have the same force and effect as the original thereof, and shall be admitted in evidence before any court or governmental commission, bureau, agency, or department equally with the original, and without the necessity of proving inability to produce the original thereof." Banks or trust companies whose record storage areas are bulging at the seams may want to consider electronic storage options.
