12 C.F.R. § 226.25
Record retention
(a) General rule. A creditor shall retain evidence of compliance with this regulation (other than advertising requirements under §§ 226.16 and 226.24) for 2 years after the date disclosures are required to be made or action is required to be taken. The administrative agencies responsible for enforcing the regulation may require creditors under their jurisdictions to retain records for a longer period if necessary to carry out their enforcement responsibilities under section 108 of the act.
(b) Inspection of records. A creditor shall permit the agency responsible for enforcing this regulation with respect to that creditor to inspect its relevant records for compliance.
Notes of Decisions
Cited in 6
cases, 1991–2019 · leading case: In Re Shank, 315 B.R. 799 (Bankr. N.D. Ga. 2004).
In Re Shank, 315 B.R. 799 (Bankr. N.D. Ga. 2004). “12 C.F.R. § 226.25 . Many holders of consumer debt appear to share eCast’s concerns.”
Capital One Bank (USA), N.A. v. Denboer, 791 N.W.2d 264 (Iowa Ct. App. 2010). “12 C.F.R. § 226.25 . However, there is no suggestion this law preempts more stringent record retention requirements that may arise in other contexts.”
Eicken v. USAA Fed. Sav. Bank, 498 F. Supp. 2d 954 (S.D. Tex. 2007). “Under 12 C.F.R. § 226.25 (a), creditors are required to maintain documents showing compliance with Regulation Z for two years after the date disclosures are required to be made or action is required to be taken.”
Nat'l Collegiate Student Loan Trust 2003-1 v. Thomas, 129 So. 3d 1231 (La. Ct. App. 2013). “In the case sub judice, plaintiff failed to submit the original promissory note into evidence and stated in its discovery response that, according to federal law, 12 CFR 226.25, the original lender was only required to retain the original letter 25 months from the date of…”
Wright v. Mid-Penn Consum. Disc. Co. (In Re Wright), 127 B.R. 766 (Bankr. E.D. Pa. 1991). “§ 1635 (f) and 12 C.F.R. § 226.25 (a)(3). These provisions state that the right to rescind expires only upon a lapse of three years or upon the customer’s transfer of all of his interest in the property in which security is taken.”
Derby v. Portfolio Recovery Assocs., LLC (Bankr. E.D. Va. 2019). “In addition, 12 C.F.R. § 226.25 , promulgated under TILA, provides that a creditor must retain evidence of its compliance with TILA for only two years after a TILA disclosure is required to be made.”
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