For how long must TILA disclosures be kept?

The correct duration for retaining TILA disclosures is two years. This timeframe aligns with the requirement outlined by the Truth in Lending Act (TILA), which mandates that creditors maintain documentation related to the disclosures provided to consumers. By retaining these disclosures for a minimum of two years, lenders can provide evidence of compliance and have necessary documentation available for any potential audits or reviews. Keeping these records helps ensure transparency in lending practices and protects consumers' rights, as it allows for verification of the information presented at the time of the loan transaction.