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Deadline For Public Comment

Deadline: Apr 07, 2014

The deadline for public comment has expired. Contact the agency or primary contact person listed below for assistance.

Rule Details

Rule Number: 14P007
Title: Record Retention - Financial Institutions, Credit Unions, Independent Trust Companies & Licensees.
Type: Standard
Status: Adopted
Agency: Department of Financial Regulation
Legal Authority: 8 V.S.A. ยงยง 15, 2214, 2766, 2914, 11301, 30401.
Summary: This Regulation updates the record retention requirements for financial institutions, credit unions, independent trust companies, and other persons licensed by the Banking Division of the Department of Financial Regulation ("Department"). Generally, the Regulation requires that an institution be able to rebuild a transaction for seven years from the date of the transaction or seven years from the payoff date of the loan, whichever is applicable. Exceptions to the general seven year rule are set forth in Appendix I of the Regulation. Appendix I requires that certain records be held longer than seven years and give institutions the option to hold other records for less than seven years. The Regulation also requires that institutions adopt and implement a written record management policy.
Persons Affected: Banks, credit unions, independent trust companies, licensed lenders, mortgage brokers, mortgage loan originators, loan servicers, sales finance companies, money servicers, check cashing and currency exchangers, debt adjusters, and the Department of Financial Regulation.
Economic Impact: The Department anticipates a minimal economic impact. Regulated entities are already required to maintain and retain records used in the conduct of their business. There may be some minimal costs as entities review their record retention policies and procedures and adjust their retention periods in accordance with this updated Regulation.
Posting date: Feb 19,2014

Hearing Information

Information for Hearing # 1
Hearing date:
03-28-2014 10:00 AM   
Location: Department of Financial Regulation
Address: 89 Main Street
City: Montpelier
State: VT
Zip: 05620-3101
Hearing Notes:

Contact Information

Information for Contact # 1
Level: Primary    
Name: Sue S. Clark    
Agency: Department of Financial Regulation    
Address: 89 Main Street    
City: Montpelier    
State: VT    
Zip: 05620    
Telephone: 802-828-3307    
Fax: 802-828-1477    
Email: 
sue.clark@state.vt.us
     
 
   
Website Address:  http://www.dfr.vermont.gov/proposed-rules-and-regulations
     
 
   
Information for Contact # 2
Level: Secondary    
Name: Steven Knudson    
Agency: Department of Financial Regulation    
Address: 89 Main Street    
City: Montpelier    
State: VT    
Zip: 05620    
Telephone: 802-828-3307    
Fax: 802-828-1477    
Email: 
steven.knudson@state.vt.us
     
 
   
       

Keyword Information

Keywords:

records
record retention
banks
credit unions
independent trust companies
licensed lenders
mortgage brokers
mortgage loan originators
loan servicers
sales finance companies
money servicers
check cashing and currency exchangers
debt adjusters
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