Regulatory Alerts2004-03-23
Records Retention Schedule
The Louisiana Office of Financial Institutions establishes a mandatory records retention schedule for licensed lenders operating under the state's Consumer Credit Law and Deferred Presentment and Small Loan Act. The policy requires these lenders to maintain specific loan documentation, borrower ledgers, paid accounts, and club membership records for a minimum of 24 months or until the next regulatory examination. Lenders may utilize electronic or photographic reproduction methods, request compliance variances based on their specific procedures, and must additionally preserve detailed disclosures and transaction receipts for residential mortgage lending activities.
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