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Rhode Island Adopts 5-Year Record Retention Rule for Debt Collectors

The Rhode Island Department of Business Regulation has adopted a record retention rule for debt collectors requiring that virtually all records be retained for a minimum of five years “following the transaction.”

Records that must be retained include the following:

  1. all audio recordings of contact with customers;
  2. records of all customers contacted;
  3. all written correspondence (including that sent electronically) between the licensee and the consumer;
  4. complete files and documentation of every debt the licensee has attempted to collect including any and all documents relating to that debt;
  5. all communications received from customers including copies of all documents received in hard copy or electronically and recordings of or notes regarding all conversations with consumers;
  6. all written notices sent to consumers; and
  7. any and all other documents created during or received by the licensee in the transaction of the business under the license.

The rule went into effect on Nov. 4, 2018.

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