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FEDERAL RE SERVE BANK
O F NEW YORK
Circular N o. 3 6 2 5 1
{ December 13, 1950 J
REGULATION X
R E SID E N T IA L R E A L E ST A T E C R ED IT
Preservation of Records
T o all Persons Engaged in the Business o f Extending Beal E sta te Credit
in the Second Federal Reserve D istrict:
T he B oard o f G overnors o f the F ed eral R eserve S ystem has advised us
that records required by section 6 (d ) o f R egulation X to be preserved fo r
a period o f three years need not be preserved after the repaym ent of the
credit to which they re la te ; and, in the event that a person sells or tran s
fe rs a credit instrum ent and delivers records relevant thereto to the pur
chaser or transferee, the requirem ent that such person preserve such records
will be satisfied if he keeps a record o f the identity o f the purchaser or
transferee and the date o f the sale or transfer.
A dditional copies o f this circular w ill be furnished upon request.
A
llan
S
proul,
President.
@FedFRASER