Question

Which of the following statements is false?

A. A financial institution may charge a reasonable fee for providing its modified LAR to an individual.
B. The written notice about the availability of an institution's modified LAR must be made available for three years.
C. Upon request, a financial institution must provide a written notice about the availability of its modified LAR.
D. Upon request, a financial institution must provide its modified LAR.

Answer 1

The false statement is option B: The written notice about the availability of an institution's modified LAR must be made available for three years.

Step-by-step explanation:

The false statement is option B: The written notice about the availability of an institution's modified LAR must be made available for three years.

In reality, the written notice about the availability of an institution's modified LAR must be made available for five years, not three years.