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Record Retention for Denied Loans

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Question: 
Is the retention period for denied loans two years?
Answer: 

Actually the general rule is 25 months. Under 202.12 this applies to consumer loans. Small business (gross annual revenues less than or equal to $1 million) is 12 months. Larger business requests are 60 days.

None of these would apply if you have ongoing litigation involving this.

First published on BankersOnline.com 5/17/04

First published on 05/17/2004

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Filed under lending as: 

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