Kentucky Administrative Regulations (KAR) incorporate federal books and records rules for depository institutions.
Kentucky Revised Statutes (KRS) list records retention requirements for non-depository institutions.
- Check casher information is in KRS 286.9-074, which states: “…Every licensee shall preserve the books, accounts, financial reports, and records for a minimum of three (3) years.”
- Consumer loan company information is in KRS 286.4-600, which states: “Each licensee shall keep and use in his business and shall preserve for at least two (2) years after making final entry therein….for at least three (3) years on loans secured by residential property.”
- Money transmitter information can be found in KRS 286.11-029(1), which states: “Each licensee shall make, keep, and preserve the following books, accounts, and other records for a period of five (5) years…”
- Mortgage lenders and brokers should refer to the federal statute and to KRS 286.8-160. You should also review the Mortgage Company and Mortgage Broker Record Retention Schedule.
- Student education loan servicers should refer to KRS 286.12-050 and 808 KAR 16:020.
Kentucky Administrative Regulations (KAR) incorporate federal books and records rules for securities.