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#1974482 - 11/05/14 08:00 PM Giving Customer's Copies of Paid Out Notes
compliance0719 Offline
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Joined: Oct 2014
Posts: 3
For years when a customer pays off their loan with our bank, we mail them a copy of the note and mark it paid off. Is this any type of legal requirement? We were thinking about creating a standard letter that could be mailed to all customers when their loan is paid off. However, I wanted to make sure this was not some type of requirement before we changed our practices.

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#1974515 - 11/05/14 08:49 PM Re: Giving Customer's Copies of Paid Out Notes compliance0719
Rocky P Online
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Joined: Jun 2003
Posts: 7,650
Florida
That would appear to be a state law issue.
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#1974624 - 11/05/14 11:41 PM Re: Giving Customer's Copies of Paid Out Notes compliance0719
Princess of Power Offline
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Princess of Power
Joined: Aug 2002
Posts: 406
Napa, CA
Have not returned "paid" notes in at least 10 years. We state in our standard letter that copies of documents are available upon request.

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