Question

Within how many days after the end of the calendar quarter in which final action was taken must a financial institution record data about a covered loan or application on a LAR?

A. 60 calendar days
B. 45 calendar days
C. 30 calendar days
D. 15 calendar days

Answer 1

A financial institution must record data about a covered loan or application on a Loan Application Register (LAR) within 30 calendar days after the end of the calendar quarter in which final action was taken.

Step-by-step explanation:

A financial institution must record data about a covered loan or application on a Loan Application Register (LAR) within 30 calendar days after the end of the calendar quarter in which final action was taken.