Regulatory Alerts2010-10-28
Non-Depository Records Retention Rule
The Louisiana Office of Financial Institutions has amended its records retention rule to establish a unified schedule for all non-depository persons under its supervision. The updated regulation streamlines compliance by removing outdated jurisdictional references and explicitly extending coverage to residential mortgage lenders, brokers, originators, check cashers, loan brokers, and pawnbrokers. This amendment clarifies that entities regulated under the Louisiana S.A.F.E. Residential Mortgage Lending Act fall within the schedule while excluding traditional depository institutions and securities-regulated entities.
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