Section 7115 - Record Retention(a) Financial institutions shall retain the following information with regard to each written application for financial assistance received: (1) If loan application is approved, approved with a change in the requested loan term or denied, each file shall contain: (A) Fair lending information;(B) All materials collected in connection with the application which are not returned to the applicant;(C) Copy of statement of reasons for change in requested loan terms or of denial;(D) Documentation required pursuant to Section 7105.1 of these regulations, if applicable; and(E) The identity of and titles of persons who considered and approved, approved with a change in loan terms or denied the loan.(2) If written loan application is withdrawn: (A) Fair lending information;(B) All materials collected in connection with the application that are retained by the financial institution; and(C) Reasons, if known, for the withdrawal.(b) The documents required to be maintained in subsection (a) above shall be maintained for a period of 25 months from the date of the application. The Secretary or the Secretary's designee may, after notice and an opportunity to be heard and in particular cases and situations at the Secretary's or the Secretary's designee's discretion, increase the time period for retaining materials specified in this section.Cal. Code Regs. Tit. 21, § 7115
Note: Authority cited: Section 35814, Health and Safety Code. Reference: Sections 35810- 35815, Health and Safety Code.