Copy of State ID Required for Proof of Identity?

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Question:

Is there a requirement that lending agencies require proof of identity by coming in in person and giving a copy of a state issued ID before a loan is issued?

Answer:

A person is required to be identified prior to making a loan under the customer identification program standards set forth in the Bank Secrecy Act regulations. How that identification happens within the standards is left to the financial institution.

First published on BankersOnline.com 9/17/12