Regulatory Alerts2008-08-22
Records Retention Rule for Non-Depository Institutions
The Louisiana Department of Economic Development, Office of Financial Institutions, repeals prior regulations and adopts a streamlined records retention rule for all non-depository persons under its supervision. The regulation mandates that these entities maintain minimum records and retention periods as specified in a commissioner-determined schedule, while permitting storage in hard copy or approved electronic formats. Applicable to diverse entities such as mortgage lenders, collection agencies, and pawnbrokers, the rule clarifies that it supplements rather than replaces each organization’s existing comprehensive record retention program.
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