Question: What is the record retention for documents under the Servicemembers Civil Relief Act?
Answer: The SCRA does not have any stand-alone record retention requirements. If you are adjusting
the loan, make the SCRA supporting documents a piece of the loan file and retain it there, as long as the file exists. As you may need to verify the correctness of the amortization of the loan for some reason at a later point in time, this will be necessary information.
The original version appeared in the March 2004 edition of the Oklahoma Bankers Association Compliance Informer.
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