Answer:
Answer: Contact your state bankers association to see if it publishes a record retention guide book for your statemost do. In addition to commercially reasonable practices, you must consider tax laws, BSA and an assortment of other laws & regulations that require record retention. This is a very complex task.
Answer:
Answer by: Carolyn Jones, BOL Guru
There is no hard and fast rule for this. State retention periods range from 2 years to 11 years. It depends on the state in which you live. Practice of FRC has always been from 25 depending on whether the loan was a government loan that was defaulted on. There are about 5 records that need to be kept in a paid off file for 5 years.
First published on BankersOnline.com 3/4/02
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