Sec. 15.4. Retention of record of disclosures

(a) A record of acknowledgement of the account owner's or owners' receipt of such disclosures, as well as an acknowledgement of receipt of such disclosure by the other person or persons which acknowledgments may appear on the signature card or on any other form at the discretion of the depositary, shall be maintained by every banking institution referred to in section 15.1 of this Part during the term of each joint or convenience account, and for a period of not less than two years after the termination date of the account.

(b) In the case of joint or convenience accounts opened by mail (including a depositor's return of a newspaper coupon or other marketing device) the depositary shall be deemed to have complied with this section if disclosures are mailed by separate envelope to the owner(s) and to the other person or persons at their addresses in the depositary's records not more than 10 days after establishment of the account, and a record of the mailing date of such notice is maintained as above in the file for each account. For any joint or convenience account opened in the name of an owner who does not appear in person, disclosures shall be sent as if that owner were opening the account by mail.