Which law mandates a record-keeping duration of 5 years?

The Real Estate Settlement Procedures Act (RESPA) mandates a record-keeping duration of five years. This law was established to ensure transparency in real estate transactions, particularly concerning settlement processes, and to protect consumers from predatory lending practices. Under RESPA, lenders and settlement service providers are required to keep records of all transactions and disclosures for five years after the closing of a loan. This requirement allows regulators to review and assess compliance with the disclosure requirements and ensure consumer protections are upheld.

The other laws listed in the choices exist to uphold different aspects of lending and consumer protection but have different record-keeping requirements or focus. The Truth-In-Lending Act primarily addresses the disclosure of credit terms and the costs of borrowing but does not specify a five-year record-keeping requirement. Similarly, the Equal Credit Opportunity Act is designed to prevent discrimination in lending practices, while the Home Mortgage Disclosure Act aims to provide transparency in mortgage lending patterns, both of which carry their own compliance and documentation requirements but typically do not enforce a five-year retention period like RESPA does.