By law you are to retain the CD for five years. What happens in year six?

The closing disclosure is currently required because it has non-public information on it that is a five year from the date of closing retention. The question is what happens if in year six suddenly there is an issue where you need to provide it? Well then you’re legal obligation to have it is gone at the end of that fifth year. So if you’re in year six you legally do not have to have that closing disclosure retained. You can destroy it five years and a day after closing.

Answered By: Charles Cain