[Code of Federal Regulations]
[Title 25, Volume 1]
[Revised as of April 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 25CFR103.42]

[Page 314-315]
 
                            TITLE 25--INDIANS
 
     CHAPTER I--BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR
 
PART 103_LOAN GUARANTY, INSURANCE, AND INTEREST SUBSIDY--Table of Contents
 
                  Subpart G_Default and Payment by BIA
 
Sec. 103.42  How long must a lender comply with Program requirements?

    (a) A lender must comply in general with Program requirements 
during:
    (1) The effective period of its loan guaranty agreement or loan 
insurance agreement; and
    (2) Whatever additional period is necessary to resolve any 
outstanding loan guaranty or insurance claims or coverage the lender may 
have.
    (b) Except as otherwise required by law, a lender must maintain 
records with respect to a particular loan for 6 years after either:
    (1) The loan is repaid in full; or
    (2) The lender accepts payment from BIA for a loss on the loan, 
pursuant to a guaranty certificate or an insurance agreement.

[[Page 315]]

    (c) At any time 2 years or more following one of the events 
specified in paragraphs (b)(1) or (2) of this section, a lender may 
convert its records for corresponding loans to any electronic format 
that is readily retrievable and that provides an accurate, detailed 
image of the original records. Upon converting its records in this 
manner, the lender may dispose of its original loan records.
    (d) This section does not restrict any claims BIA may have against 
the lender or any other party arising from the lender's participation in 
the Program.