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the method of disposal of such records upon expiration of the retention period andĭ. retention periods for all of the Institution’s records Ĭ. The retention period applicable to such records shall be the period required at the time such record was created.Ģ.1 An Institution shall adopt and implement a written record management policy that includes:Ī. Notwithstanding the foregoing, this Regulation requires that certain records be held longer than seven years and gives Institutions the option to hold some records for less than seven years, as set forth in Appendix I.ġ.4 This Regulation applies to records created on or after July 1, 2014.ġ.5 This Regulation does not apply to those records created prior to July 1, 2014. The types of Institutions included in these definitions shall include federally or nationally chartered Institutions, insofar as this Regulation does not contravene paramount federal law.ġ.3 The general intent of this Regulation is to require that an Institution be able to rebuild a transaction for seven years from the date of the transaction or seven years from the payoff date of a loan, as applicable. all other state licensed financial businesses regulated under Parts 2, 5, and 6 of Title 8 V.S.A., including: Licensed Lenders Mortgage Brokers Loan Servicers Sales Finance Companies Money Servicers Check Cashing & Currency Exchangers and Debt Adjusters independent trust companies regulated under 8 V.S.A. financial institutions as defined in 8 V.S.A.
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(This Regulation Replaces Regulation B-92-1)ġ.1 This regulation ("Regulation") is issued pursuant to 8 V.S.A.