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Retention of small business loan files

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Question: 
How long does a financial institution need to retain Small Business Loan files on a customer? We have a couple of opinions: 7 years or forever. It there a state or federal requirement or just a best practice based on exams or potential litigation involving the loan?
Answer: 

Talk to your legal counsel. Retention is usually based on the statute of limitations involving lawsuits.

First published on 06/04/2023

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