ecfr update: 2024-03-07

ecfr/1002.txt

@@ -238,7 +238,7 @@ For the purposes of this part, unless the context indicates otherwise or as othe
 (1) From any source prior to March 23, 1977;
 (2) From consumer reporting agencies, an applicant, or others without the specific request of the creditor; or
 (3) As required to monitor compliance with the Act and this part or other Federal or state statutes or regulations.
-(b) Preservation of records —
+(b) Preservation of records—
 (1) Applications. For 25 months (12 months for business credit, except as provided in paragraph (b)(5) of this section or otherwise provided for in subpart B of this part) after the date that a creditor notifies an applicant of action taken on an application or of incompleteness, the creditor shall retain in original form or a copy thereof:
 (i) Any application that it receives, any information required to be obtained concerning characteristics of the applicant to monitor compliance with the Act and this part or other similar law, any information obtained pursuant to § 1002.5(a)(4), and any other written or recorded information used in evaluating the application and not returned to the applicant at the applicant's request.
 (ii) A copy of the following documents if furnished to the applicant in written form (or, if furnished orally, any notation or memorandum made by the creditor):