Topic: Record Retention
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We are in the process of imaging all loan files. Do we need to retain any hard copies? Does Illinois have any specific rules for electronic file retention? Are we required to provide original documents in court?
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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021. Please note that this change may affect the continued accuracy of this guidance as it pertains to the ECSA. Yes, Illinois law does have rules for electronic file retention. No, you do not need…
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Does the risk-based pricing notice have to be signed by the customer and documented in the loan file?
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No, we are not aware of any requirement for customers to sign the risk-based pricing notice or for a copy of the notice to be retained by your bank. We are aware that some banks do have a policy that requires customer signatures on the notices, along with a document retention policy for retaining such…
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We collect financial statements and copies of income taxes from our agricultural loan customers. Are we required to maintain copies of those documents, and if so, for how long?
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We are not aware of any specific record retention requirement that would apply to those documents. Whether you retain them and the duration of their retention are business decisions. As an example of a best practice, based on the IBA Record Retention Manual, we would recommend that you retain information collected in relation to a…
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Do we need to retain our dormancy letters and safe deposit box contracts? Can we store these records electronically?
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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021. Please note that this change may affect the continued accuracy of this guidance as it pertains to the ECSA. Safe deposit box contracts. We are not aware of any specific legal requirements that apply…
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What are the record retention requirements for loan documentation?
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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021. Please note that this change may affect the continued accuracy of this guidance as it pertains to the ECSA. Illinois Statute of Limitations We believe that loan agreements should be retained for a period…
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For how long should a bank retain original collateral documents such as the Note, Mortgage, and Guaranty?
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Disclaimer: The Electronic Commerce Security Act (ECSA) was repealed and replaced with the Uniform Electronic Transaction Act (UETA), effective June 25, 2021. Please note that this change may affect the continued accuracy of this guidance as it pertains to the ECSA. We do not believe that Illinois law requires financial institutions to retain hard copies of…