Memo SLRM 2000-1
To: Supervised Lenders
From: Kevin C. Glendening, Deputy Commissioner
Date: February 28, 2000
RE: Electronic storage of loan documents
We have recently received a question regarding whether loan documents may be stored electronically and still meet the requirements of K.S.A. 16a-2-304 concerning record retention. The Kansas Uniform Consumer Credit Code does not prohibit electronic storage of records. Therefore, as long as the following two requirements are met, this office would consider electronic storage an acceptable way to meet the requirements found in K.S.A. 16a-2-304.
First, K.S.A. 16a-2-304 states in part "the record keeping system of a licensee, assignee or servicer shall be sufficient if the licensee, assignee or servicer makes the required information reasonably available." "Reasonably available" has been interpreted by this office to mean within three business days of the request. Second, the electronic media used for storage should be in such a format as to make the stored data unalterable.
Please contact this office at (785) 296-2266 should you have questions or concerns.
