Legal Question in Real Estate Law in California

R.E. Loan Record Keeping Statutes

As a former loan processor, I am curious as to how long loan processing records must be kept under California state law. I am referring to loans that I have processed for third party loan brokers who paid for my services to handle the processing of loan documents only, for submission to the actual lenders.


Asked on 11/10/00, 10:16 pm

1 Answer from Attorneys

Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Re: R.E. Loan Record Keeping Statutes

I did not find any California statute applying to your profession or activity specifically. There is a provision in the Business and Professions Code requiring "industrial loan companies" to maintain loan records for at least two years after the final entry with respect to each loan client is made in those records. Therefore, I would think your records must be kept at least two years after the last entry. Other provisions or practical considerations may suggest or require holding your records for a longer time. I hope this is helpful.

Read more
Answered on 11/20/00, 3:26 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in California