reglab/statecodes huggingface dataset:
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 2 - Application for Licensure and Related Forms › Section 2032.5 - Electronic Filings

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  DESIGNATION: The Commissioner designates the Nationwide Multistate Licensing
				  System & Registry (NMLS) to receive and store filings, obtain credit
				  reports, and collect related fees and assessments from applicants and
				  state-licensed student loan servicers, on behalf of the Commissioner.
(b) USE OF NMLS: All student loan servicer
				  applications, amendments, surety bonds, notices, related filings, supporting
				  documents, renewals, authorizations, assessments, and fees required to be filed
				  with the Commissioner, shall be filed electronically with and transmitted to
				  NMLS, except as otherwise indicated in this Subchapter. The following
				  conditions relate to such electronic filings:
(1) Electronic Signature: When a signature or
				  signatures are required by the particular instructions of any filing, including
				  any attestation to be made through NMLS, a duly authorized officer or proper
				  delegate of the applicant or the applicant him or herself, as required, shall
				  affix his or her electronic signature to the filing by typing his or her name
				  in the appropriate field and submitting the filing to the Commissioner through
				  NMLS. Submission of a filing in this manner shall constitute irrefutable
				  evidence of legal signature by any individual making the filing.
(2) When filed: Solely for purposes of a
				  filing made through NMLS, unless otherwise specified, a document is considered
				  filed with the Commissioner when all fees are received and the filing is
				  transmitted by NMLS to the Commissioner.
(3) An applicant shall provide through NMLS
				  the necessary authorizations so that NMLS may obtain independent credit
				  reports.
(4) Any document required
				  to be filed with the Commissioner that is not permitted to be filed with, or
				  cannot be transmitted through NMLS, shall be filed directly with the
				  Commissioner.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 2 - Application for Licensure and Related Forms › Section 2033 - Officers, Directors, Partners, and Other Persons: Maintenance of Current List with Commissioner: Information Required

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A student loan servicer shall at all times maintain on file
					 with NMLS, in accordance with its procedures for transmission to the
					 Commissioner, a current list of officers, directors, and partners in the case
					 of a partnership, and other persons named in the Forms MU1, MU2, and MU3, as
					 applicable. In the event of any change in the officers, directors, partners, or
					 other persons named in the application, a student loan servicer shall file with
					 NMLS, within ten (10) business days of any change, an amendment to the
					 application containing the same information in relation to such new person(s)
					 as is required in the Forms MU1, MU2, and MU3.
1. New
					 section filed 3-28-2019; operative 3-28-2019 pursuant to Government Code
					 section
					 11343.4(b)(3)
					 (Register 2019, No. 13).
Note: Authority cited: Section
						28106,
						Financial Code. Reference: Sections
						28110 and
						28126,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 2 - Application for Licensure and Related Forms › Section 2033.5 - License Application for Student Loan Servicer

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The procedures set forth in this section are applicable to
					 a person who is required to be licensed pursuant to Financial Code section
					 28102, as a
					 student loan servicer. The application for a license as a student loan servicer
					 shall be filed as follows:
(a) INITIAL
				  APPLICATION: The application for a license as a student loan servicer under
				  subdivision (a) of Financial Code section
				  28102, and
				  any amendment to such application, shall be filed upon Form MU1, in accordance
				  with the instructions of NMLS, for transmission to the Commissioner. All
				  exhibits, and supporting documents related to the application or amendment
				  shall also be filed with NMLS, in accordance with the instructions of NMLS, for
				  transmission to the Commissioner. Exhibits that cannot be submitted through
				  NMLS, if any, shall be submitted directly to the Commissioner. The notices set
				  forth in section
				  2036 are part of every
				  application. An applicant shall provide the following information, exhibits and
				  documentation in the manner provided:
(1) An
				  applicant shall identify all fictitious business names on Form MU1.
(A) For each fictitious business name, an
				  applicant shall upload to NMLS a copy of the Fictitious Business Name
				  Statement, with the "filed stamp" from the county clerk's office.
(B) An applicant may not use a fictitious
				  business name until the Commissioner approves the use of the name.
(C) Every applicant and licensee shall comply
				  with the rules governing the filing of a fictitious business name, set forth in
				  Business and Professions Code sections
				  17900-
				  17930.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 2 - Application for Licensure and Related Forms › Section 2033.75 - Non-Licensee Filing With The Department

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Any person who does not require a license under the SLSA
					 but is subject to the Student Loans: Borrower Rights law ("non-licensee") must
					 file with the Department an address at which the non-licensee receives
					 certified or registered mail, return receipt requested, by submitting this
					 information electronically through a Department of Financial Protection and
					 Innovation Self-Service Portal Account. A non-licensee who has filed a notice
					 of its designation of a central location for service of process pursuant to
					 Code of Civil Procedure section
					 684.115
					 and who has not filed with the Department an address at which the non-licensee
					 receives certified or registered mail, return receipt requested, pursuant to
					 this rule, shall be deemed to receive certified or registered mail, return
					 receipt requested, for the purposes of Civil Code section
					 1788.103, at
					 its designated central location for service of process. A non-licensee who has
					 not filed a notice of its designation of central location for service of
					 process pursuant to Code of Civil Procedure section
					 684.115
					 and who has not filed with the Department an address at which the non-licensee
					 receives certified or registered mail, return receipt requested, pursuant to
					 this rule, shall be deemed to receive certified or registered mail, return
					 receipt requested, at each branch of that non-licensee.
Note: Authority cited: Section
						1788.103, Civil
						Code. Reference: Section
						1788.103, Civil
						Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 2 - Application for Licensure and Related Forms › Section 2034 - Appointment of Commissioner of Financial Protection and Innovation as Agent for Service of Process

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Applicants are required to complete and submit to the Commissioner, in
				  accordance with subsections (b) and (c), the following Appointment Of
				  Commissioner Of Financial Protection and Innovation As Agent For Service Of
				  Process form:
STATE OF CALIFORNIA -- DEPARTMENT OF FINANCIAL PROTECTION
					 AND INNOVATION
APPOINTMENT OF COMMISSIONER OF FINANCIAL PROTECTION
					 AND INNOVATION AS AGENT FOR SERVICE OF PROCESS PURSUANT TO SECTION
					 28117 of the California Financial
					 Code
___________________________
(Name of Applicant), (hereinafter referred to as the
					 "Applicant"), which is applying for a license under the Student Loan Servicing
					 Act (commencing with Section
					 28100 of
					 the California Financial Code), hereby irrevocably appoints the Commissioner of
					 Financial Protection and Innovation of the State of California and his or her
					 successor, to be the Applicant's agent to receive service of any lawful process
					 in any noncriminal judicial or administrative proceeding against the Applicant,
					 or any successor, executor, or administrator of the Applicant, which arises
					 under the Student Loan Servicing Act, or under any regulation or order issued
					 under the Student Loan Servicing Act, with the same force and validity as if
					 served personally on the Applicant.
Dated: _________________________
________________________________________
Name of Applicant (Printed)
By: ___________________________________
(Signature)
(The signature of the Applicant must be
					 notarized.)
(b) The
				  Appointment form must be signed by an individual with authority to sign on
				  behalf of the applicant. The signature of the individual signing the
				  Appointment form must be notarized.
(c) Applicants must file the completed,
				  signed, notarized Appointment form, electronically, with NMLS, for transmission
				  to the Commissioner.
1. New
					 section filed 3-28-2019; operative 3-28-2019 pursuant to Government Code
					 section
					 11343.4(b)(3)
					 (Register 2019, No. 13).
2. Change without regulatory effect
					 amending section heading, section and NOTE filed 5-3-2021 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2021, No. 19).
Note: Authority cited: Section
						28106,
						Financial Code. Reference: Section
						28117,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 2 - Application for Licensure and Related Forms › Section 2034.5 - Fingerprints and Background Checks

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Subject to subsection (b) of this section, all applicants must submit
				  fingerprints through the California Department of Justice's ("Department of
				  Justice") electronic fingerprint submission Live Scan Service ("Live
				  Scan").
(b) Applicants must
				  complete the Department of Justice Form "Request for Live Scan Service," and
				  submit fingerprinting, through Live Scan, for each of the following persons,
				  who must be listed in the applicant's Form MU1, and submit a Form MU2:
(1) Applicant, if an individual;
(2) The President, Chief Executive Officer,
				  Treasurer, and Chief Financial Officer, of the applicant;
(3) The directors of the applicant;
(4) The managing members of the applicant, if
				  applicant is a limited liability company;
(5) The general and managing partners of the
				  applicant, if applicant is a partnership;
(6) The trustee of applicant, if applicant is
				  a trust;
(7) Individuals owning or
				  controlling, directly or indirectly, ten percent (10%) or more of the
				  applicant; and
(8) Individuals
				  responsible for the conduct of the applicant's servicing activities, such as
				  branch managers and persons in charge of the servicing business of the
				  applicant, at any location for which licensure is applied.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 2 - Application for Licensure and Related Forms › Section 2035 - Information Regarding Individuals Who Are Not Residents of the United States

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) In
				  addition to other background information required in the application,
				  applicants must engage a search firm to perform an investigative background
				  report of each individual required to be fingerprinted under the SLSA who does
				  not currently reside or has not resided in the United States for at least ten
				  years. A copy of the investigative report may be submitted to the Commissioner,
				  by uploading a copy of the report to applicant's NMLS account. The search firm
				  must be able to demonstrate that it has sufficient resources and is properly
				  licensed to conduct the background search. The search firm may not be
				  affiliated with or related to the persons who are the subject of the search.
				  The report must be in English. The cost of the report shall be paid by the
				  applicant or individual.
(b) The
				  report shall contain the following, at a minimum:
(1) A comprehensive credit report and/or
				  history, including the actual credit report, as well as a summary.
(2) Civil court and bankruptcy court records
				  concerning the applicant or individual, for the past ten years. The search for
				  such records shall include a search of the court data in the country(ies),
				  state(s), and town(s) where the person resided or worked.
(3) Criminal records of the applicant or
				  individual, including felonies, misdemeanors and violations (excluding traffic
				  violations). The search for such records shall include a search of court data
				  in the country(ies), state(s), and town(s) where the person resided or
				  worked.
(4) Education
				  records.
(5) Employment history
				  during the last ten years.
(6)
				  Media records referencing the applicant or individual. The search for such
				  records shall include a search of national and local publications, wire
				  services, and business publications.
(7) Regulatory history, particularly in
				  student loan lending and servicing, lending and servicing, generally, and
				  securities.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 2 - Application for Licensure and Related Forms › Section 2035.5 - Branch Office Instructions for Student Loan Servicers

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A student loan servicer that seeks to
				  engage in business at an additional location must submit an application for a
				  branch office by submitting Form MU3, in accordance with the instructions of
				  NMLS, for transmission to the Commissioner, at least ten days (10) before
				  engaging in business at the location.
(b) An applicant that intends to conduct
				  business at the branch office under a fictitious business name not already
				  approved by the Commissioner shall upload to NMLS a copy of the Fictitious
				  Business Name Statement with the "filed stamp" from the county clerk's office,
				  and may not use the name until the Commissioner approves the use of the
				  name.
(c) An applicant shall
				  indicate the branch manager as a branch manager on the Form MU3 and submit to
				  NMLS a Form MU2 for each branch manager.
(d) Application, investigation, and
				  fingerprinting fees payable under Financial Code sections
				  28112(b)
				  and
				  20114(e),
				  and fingerprinting fees payable under section
				  2034.5, and any other fees payable
				  through NMLS, shall be paid by the applicant or licensee to NMLS, for
				  transmission to the Commissioner. Any fees that cannot be paid through NMLS
				  shall be sent directly to the Commissioner. Fees are not refundable.
1. New
					 section filed 3-28-2019; operative 3-28-2019 pursuant to Government Code
					 section
					 11343.4(b)(3)
					 (Register 2019, No. 13).
Note: Authority cited: Section
						28106,
						Financial Code. Reference: Sections
						28106,
						28110,
						28112,
						28114,
						28116,
						28118,
						28128 and
						28130,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 2 - Application for Licensure and Related Forms › Section 2036.5 - Notice of Changes by Student Loan Servicer

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Each licensed student loan servicer shall, upon any change in the information
				  contained in its application for a license (other than changes in financial
				  information or its Policies and Procedures, demonstrating how the applicant
				  will comply with the borrower protection requirements required under section
				  2033.5, subdivision (a)(7) of
				  these rules) file an amendment to such application setting forth the changed
				  information. All such amendments shall be filed within ten business days of the
				  occurrence of the event that results in the information becoming inaccurate or
				  incomplete.
(b) A student loan
				  servicer shall file changed information contained in its Forms MU1, MU2, and
				  MU3, and any exhibits thereto, through NMLS, in accordance with its procedures,
				  for transmission to the Commissioner. Any change that cannot be submitted
				  through NMLS shall be filed directly with the Commissioner.
Note: Authority cited: Section
						28106,
						Financial Code. Reference: Section
						1798.18, Civil
						Code; and Sections
						28110 and
						28126,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 2 - Application for Licensure and Related Forms › Section 2037 - Effectiveness of Student Loan Servicer License

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A student loan servicer license granted under the Act
					 continues in effect until it is revoked or suspended by the Commissioner, or
					 surrendered by the student loan servicer, and the surrender has been accepted
					 by the Commissioner in accordance with Section
					 28150 of the Code and these
					 rules.
1. New
					 section filed 3-28-2019; operative 3-28-2019 pursuant to Government Code
					 section
					 11343.4(b)(3)
					 (Register 2019, No. 13).
Note: Authority cited: Section
						28106,
						Financial Code. Reference: Sections
						28124 and
						28150,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 2 - Application for Licensure and Related Forms › Section 2037.5 - Challenge Process for Information Entered into NMLS

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) If an applicant or licensee disputes the
				  accuracy or completeness of any material information entered into and
				  maintained by NMLS, the applicant or licensee may submit a written request to
				  the Commissioner to the attention of the Manager, Student Loan Servicing
				  Program, Department of Financial Protection and Innovation.
(b) The request shall include the applicant
				  or licensee's name, unique identifier, a statement of the alleged inaccuracy or
				  incompleteness of the information entered into NMLS, and its materiality, and
				  shall provide any proof or corroboration available, including copies of
				  official documents or court orders that support the changes requested by the
				  applicant.
(c) Upon receipt of the
				  request, the Commissioner shall investigate the request, along with any
				  information provided, and determine if the information entered into NMLS is
				  correctly reflected.
(d) If the
				  Commissioner determines that the information is materially incorrect, the
				  Commissioner shall request that the NMLS record be corrected.
(e) If the Commissioner denies the
				  allegations of material inaccuracy or incompleteness in the NMLS record, the
				  Commissioner shall notify the licensee or applicant in writing.
(f) Within 30 days from the mailing or
				  service of the notification, the person may request a hearing under the
				  Administrative Procedure Act (Chapter 5 (commencing with Section
				  11500) of Part 1, Division 3,
				  Title 2 of the Government Code) for a determination of whether material
				  inaccuracy or incompleteness exists in the record.
(g) If a material inaccuracy or
				  incompleteness is found in any record, within 30 days of notice of the finding,
				  the Commissioner shall request that NMLS correct the information.
(h) Judicial review of the decision shall be
				  governed by Section
				  11523 of
				  the Government Code.
1. New
					 section filed 3-28-2019; operative 3-28-2019 pursuant to Government Code
					 section
					 11343.4(b)(3)
					 (Register 2019, No. 13).
2. Change without regulatory effect
					 amending subsection (a) filed 5-3-2021 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2021, No. 19).
Note: Authority cited: Section
						28106,
						Financial Code. Reference: Section
						28110,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 2 - Application for Licensure and Related Forms › Section 2038 - Share Arrangements with Other Governmental Agencies

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The Commissioner is authorized to share any information or
					 material that has been submitted to the NMLS, with any governmental agency,
					 including but not limited to, the California Attorney General, the California
					 Department of Justice, the U.S. Department of Justice, the U.S. Department of
					 Education, the Consumer Financial Protection Bureau, the Federal Bureau of
					 Investigation, state, local, or federal regulatory agencies, state attorneys
					 general, and county district attorney's offices. The information or material
					 that is shared with a governmental agency shall be accomplished without the
					 loss of privilege or the loss of confidentiality protections provided by
					 law.
1. New
					 section filed 3-28-2019; operative 3-28-2019 pursuant to Government Code
					 section
					 11343.4(b)(3)
					 (Register 2019, No. 13).
Note: Authority cited: Section
						28106,
						Financial Code. Reference: Sections
						28106 and
						28174,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 2 - Application for Licensure and Related Forms › Section 2038.5 - Request for Confidential Treatment

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A student loan servicer may request that certain documents,
					 or parts thereof, be treated confidentially. A request for confidentiality
					 shall be in writing and made pursuant to Section
					 250.10 of Article 1 of Subchapter
					 1 of these rules. The Commissioner shall notify the person making such request,
					 in writing, whether the request is granted or denied.
1. New
					 section filed 3-28-2019; operative 3-28-2019 pursuant to Government Code
					 section
					 11343.4(b)(3)
					 (Register 2019, No. 13).
Note: Authority cited: Section
						28106,
						Financial Code. Reference: Section
						28106,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 3 - Surety Bond › Section 2039 - Surety Bond

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) All
				  surety bonds, amendments, cancellations, notices of claims, and information
				  related to surety bonds, shall be filed with, and processed through,
				  NMLS.
(b) The surety bond shall be
				  in the form of the "electronic surety bond form," titled "SURETY BOND, STUDENT
				  LOAN SERVICING ACT LICENSEE BOND" (California Financial Code Section
				  28100, et
				  seq.), ESB Form Version 3, NMLS Version: Effective December 29, 2020,
				  incorporated herein by reference.
(c)
(1)
				  Every licensee shall post and maintain a surety bond, in accordance with
				  Section 28142 of the Code, in the minimum
				  amount of $25,000.
(2) A licensee
				  will be required to post a surety bond in an amount greater than $25,000, if
				  the dollar amount of student loans serviced by the licensee in the preceding
				  calendar year exceeds $50,000,000. The specific amount of the required bond is
				  as follows:
Aggregate Loans
Bond Amount
0 - $50,000,000
$ 25,000
$50,000,001 - $100,000,000
$ 50,000
$100,000,001 - $250,000,000
$ 75,000
Over $250,000,000
$ 100,000
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 4 - Assessments › Section 2039.5 - Annual Assessments

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Each licensee must pay the annual assessment, required under Financial Code
				  section
				  28144. The
				  assessment represents the licensee's pro rata share of all costs and expenses
				  incurred by the Department to run the Student Loan Servicing Program. A
				  licensee's pro rata share is the proportion that a licensee's servicing
				  activities in California bears to total costs and expenses, after deducting
				  $250 for each licensed location. A licensee's servicing activities in
				  California is the percentage which the number of borrowers serviced in
				  California by the licensee bears to the total number of borrowers serviced by
				  all licensees in California.
(b)
				  Assessment notices will be distributed to licensees on or before September 30
				  of each year.
(c) The Commissioner
				  may choose to distribute assessment notices through NMLS.
(d) The Commissioner may require that all
				  assessments be paid through NMLS.
1. New
					 article 4 (section
					 2039.5) and section filed
					 3-28-2019; operative 3-28-2019 pursuant to Government Code section
					 11343.4(b)(3)
					 (Register 2019, No. 13).
Note: Authority cited: Section
						28106,
						Financial Code. Reference: Sections
						28110 and
						28144,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 5 - Borrower Protections › Section 2040.5 - Qualified Written Requests

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A
				  servicer is only required to send an acknowledgment of receipt of a "Qualified
				  Written Request," within ten business days of receipt, if the action requested
				  by the borrower has not been taken within ten business days of receipt of the
				  Qualified Written Request. Acknowledgments of receipt and responses to
				  Qualified Written Requests must be in writing, sent by the preferred method of
				  communication indicated by the borrower (email, or regular mail through the
				  United States Postal Service). If the borrower has not indicated a preferred
				  method of communication, the servicer shall send the acknowledgment of receipt
				  and responses to Qualified Written Requests by regular mail, through the United
				  States Postal Service, to the borrower's last known mailing address on record
				  and to all email address(es) the servicer has on record for the
				  borrower.
(b) Servicers may
				  designate a specific electronic address to which Qualified Written Requests
				  must be sent. Servicers may also designate a specific physical address to which
				  Qualified Written Requests must be sent. A servicer that designates a specific
				  address or addresses for receipt of Qualified Written Requests must post the
				  designated address(es) on the servicer's website.
(c) A servicer is only required to send a
				  borrower a total of three notices stating that there will be no response to a
				  "Qualified Written Request," because the borrower has previously submitted the
				  same request, received a response, and provided no new information in its
				  subsequent, duplicative Qualified Written Request.
Note: Authority cited: Section
						1788.103, Civil
						Code; and Section
						28106,
						Financial Code. Reference: Sections
						1788.100 and
						1788.102, Civil
						Code; and Section
						28132,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 5 - Borrower Protections › Section 2041 - Customer Service, Alternative Repayment Plans, Loan Forgiveness Benefits

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Customer Service.
All student loan servicer licensees, including servicers of
					 federal student loans and private student loans, must prominently post, on the
					 homepage of the servicer's internet website, a toll-free telephone number
					 borrowers may call to discuss their student loans with a live person.
(1) Federal student loan servicer
				  representatives answering calls to this toll-free number must have been fully
				  trained about, and capable of informing and discussing with callers,
				  alternative repayment plans and loan forgiveness benefits. If the caller calls
				  to inquire about repayment options, federal student loan servicer
				  representatives must inform and discuss with callers, alternative repayment
				  plans and loan forgiveness benefits. Federal student loan servicer
				  representatives must also be trained in the differences among deferment,
				  forbearance, and alternative repayment plans, and able to answer caller
				  questions regarding the differences.
(2) Private student loan servicer
				  representatives answering calls to this toll-free number must have been fully
				  trained about, and capable of informing and discussing with callers, any
				  alternative repayment plan offered by the servicer, promissory note holder,
				  contractual obligee, or payee for the private student loans serviced ("Private
				  Student Loan Alternative Repayment Arrangements"), in accordance with
				  subdivision (c) below. If the caller calls to inquire about repayment options,
				  private student loan servicer representatives must inform and discuss with
				  callers, Private Student Loan Alternative Repayment Arrangements, in accordance
				  with subdivision (c) below.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 6 - Examinations, Books and Records › Section 2041.5 - General Books and Records

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  A student loan servicer shall establish, and maintain current at all times, the
				  following books and records with reference to its general accounts:
(1) General ledgers reflecting the assets,
				  liabilities, capital, income and expense of the business, in accordance with
				  generally accepted accounting principles;
(2) Cash receipt and disbursement
				  journal.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 6 - Examinations, Books and Records › Section 2042 - Aggregate Student Loan Servicing Report - Traditional Student Loans

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Each licensee shall maintain a current, aggregate student loan servicing report
				  which shall be produced upon request by the Commissioner. Servicer may provide
				  student loan servicing reports for each type of loan serviced, which, when read
				  together and aggregated, represent the total amount of student loans serviced
				  by the servicer.
(b) At a minimum,
				  the aggregate student loan servicing report shall contain the following
				  information, with respect to each student loan serviced:
(1) Borrower name;
(2) Number of student loan(s) serviced for
				  each borrower;
(3) Loan number, for
				  each loan;
(4) Loan type, i.e.,
				  Federal Direct Loan; FFEL Loan; Perkins Loan; or private student loan which is
				  a traditional student loan (Private student loans which are not traditional
				  student loans are subject to section
				  2042.65 of these
				  rules.);
(5) Loan disbursement
				  amount and date, for each loan;
(6)
				  Interest rate(s) and maturity date, or number of monthly payments required to
				  repay the loan, for each loan;
(7)
				  Loan balance, status, and total amount paid for each loan;
(8) Cumulative balance owing and cumulative
				  amount paid by each borrower;
(9)
				  Whether borrower has an application pending for, or is repaying under, an
				  alternative repayment plan, listing the plan chosen; and
(10) Whether borrower has an application
				  pending for any loan forgiveness benefit.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 6 - Examinations, Books and Records › Section 2042.5 - Student Loan Servicing Records - Traditional Student Loans

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A
				  student loan servicer must maintain its books, records, and accounts at one or
				  more of its licensed location(s). The licensee must designate the licensed
				  location(s) at which its books, records, and accounts are maintained. The
				  designated licensed location(s) and books, records and accounts must be
				  accessible to the Department.
(b)
				  The individual loan servicing records required to be maintained for each
				  student loan shall include, at a minimum, the following: disclosure statements
				  sent to the borrower; the promissory note or loan agreement; the complete loan
				  history; qualified written requests; borrower instructions how to apply
				  overpayments; and statements of account sent to the borrower.
(c) Each loan history shall include
				  disbursements, interest accruals, fees, late charges, any other miscellaneous
				  amounts charged to the borrower, payments received, and the corresponding dates
				  for each.
(d) A student loan
				  servicer must also maintain a consolidated report, for each student loan
				  borrower, individually, containing the information specified in section
				  2042, subdivision (b), of these
				  rules.
Note: Authority cited: Section
						1788.103, Civil
						Code; and Section
						28106,
						Financial Code. Reference: Sections
						1788.100,
						1788.101,
						1788.102 and
						1788.103, Civil
						Code; and Sections
						28130 and
						28152,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 6 - Examinations, Books and Records › Section 2042.65 - Aggregate Student Loan Servicing Report-Education Financing Products

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Each licensee shall maintain a current, aggregate report of education financing
				  products it services and shall produce it within ten (10) days of a request by
				  the Commissioner.
(b) The aggregate
				  education financing servicing report shall contain the following information
				  for each education financing product serviced:
(1) Borrower name;
(2) Education financing product account
				  number;
(3) Number of education
				  financing products serviced for each borrower;
(4) Education financing product type, using
				  the name the product is most commonly called, such as, for example, income
				  share agreement or installment contract;
(5) Date of execution of income share
				  agreement, installment contract, or other written agreement evidencing an
				  education financing product; and
(6) Payoff amount or, in the case of an
				  income share agreement, a description of the early completion provision and
				  calculated dollar amount that allows students to terminate the income share
				  agreement.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 6 - Examinations, Books and Records › Section 2042.75 - Student Loan Servicing Records-Education Financing Products

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) A
				  student loan servicer must maintain its books, records, and accounts at one or
				  more of its licensed locations. Upon notice, such books, records and accounts
				  must be made available for inspection at a licensed location designated by the
				  Department. Such books, records and accounts required for inspection by the
				  Department may be provided electronically.
(b) The servicing records required to be
				  maintained for each education financing product serviced shall include the
				  following: all education financing contracts; disclosure statements sent to the
				  borrower; complete loan history; qualified written requests; borrower
				  instructions how to apply overpayments; and statements of account sent to the
				  borrower.
(c) Each loan history
				  shall include advanced amounts, funded amounts, interest accruals, fees, late
				  charges, any other miscellaneous amounts charged to the borrower, payments
				  received, and the corresponding dates for each.
(d) A student loan servicer who services
				  education financing products must also maintain a consolidated report for each
				  student loan borrower, individually, containing the information specified in
				  section 2042.65, subdivision (b), and
				  subdivisions (c), (d) or (e), as applicable, of these rules.
Note: Authority cited: Section
						1788.103, Civil
						Code; and Section
						28106,
						Financial Code. Reference: Section
						1788.100, et seq., Civil Code; and
						Sections
						28130 and
						28152,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 6 - Examinations, Books and Records › Section 2043 - Records of Servicing Transferred; Notification to Borrower of Transfer

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) In
				  addition to the records required under section
				  2042.5, subdivision (b),and
				  section 2042.75, subdivision (b), as
				  applicable, a licensee that transfers any servicing rights, must also retain
				  the contract and delivery schedules detailing loans for which servicing rights
				  were transferred as part of its books and records to be examined by the
				  Commissioner.
(b)
(1) Licensees shall send to borrowers the
				  notification of transfer required to be sent, by the preferred method of
				  communication indicated by the borrower (email or regular mail, through the
				  United States Postal Service). If the borrower has not indicated a preferred
				  method of communication, the servicer shall send this information by regular
				  mail, through the United States Postal Service, to the borrower's last known
				  mailing address on record. If the notification is returned as "undeliverable"
				  by the United States Postal Service, the servicer shall send borrower the
				  required notification to the email address(es) servicer has on record for the
				  borrower.
(2) The license number of
				  the new student loan servicer to which loan(s) have been transferred is the
				  servicer's NMLS number. The servicer's NMLS number may be used in the
				  notification of transfer sent to the borrower.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 6 - Examinations, Books and Records › Section 2043.5 - Records Retention Requirements

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Unless the servicer's contract with the U.S. Department of
					 Education or private lender mandates that records required under these rules be
					 purged or deleted sooner than three years after the loan serviced has been paid
					 in full, assigned to collection, or transferred to another servicer, all
					 records required under these rules must be maintained for a minimum of three
					 years after the loan serviced has been paid in full, assigned to collection, or
					 the servicing rights have been transferred.
1. New
					 section filed 3-28-2019; operative 3-28-2019 pursuant to Government Code
					 section
					 11343.4(b)(3)
					 (Register 2019, No. 13).
Note: Authority cited: Section
						28106,
						Financial Code. Reference: Sections
						28130,
						28134,
						28138 and
						28152,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 6 - Examinations, Books and Records › Section 2044 - Electronic Records: Maintenance, Storage, and Reproduction Requirements

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Records and
				  reports required under these rules, may be maintained, stored, and reproduced
				  electronically, provided the records are maintained in a commonly used format,
				  are readily accessible, readable, and printable by the Commissioner and
				  Department staff, and are maintained in accordance with generally accepted
				  accounting principles.
1. New
					 section filed 3-28-2019; operative 3-28-2019 pursuant to Government Code
					 section
					 11343.4(b)(3)
					 (Register 2019, No. 13).
Note: Authority cited: Section
						28106,
						Financial Code. Reference: Sections
						28110,
						28130 and
						28152,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 3 - Commissioner of Financial Protection and Innovation › Subchapter 15 - Student Loan Servicing Act › Article 7 - Surrender of License › Section 2044.5 - Surrender of License as a Student Loan Servicer

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) An application to surrender a license as
				  a student loan servicer shall be filed on Form(s) MU1, MU2, or MU3, through
				  NMLS, in accordance with its procedures for transmission to the Commissioner. A
				  licensee shall amend every branch office application Form MU3.
(b) Subject to subdivision (c) hereof, prior
				  to surrendering its license, the Commissioner may require a student loan
				  servicer to file a plan for approval by the Commissioner, containing the
				  licensee's detailed proposal for the orderly closing out of its student loan
				  servicing business. At a minimum, the plan shall contain the following:
(1) A detailed description of the plan to
				  transfer the licensee's existing servicing portfolio, including the time frame
				  within which the transfer will be completed.
(2) The time frame required for payout to the
				  lender of all payments received from the borrowers, or the time frame required
				  for transfer of payments received to another servicer.
California Code of Regulations › Title 10 - Investment › Chapter 4 - Regulations of the Districts Securities Division-Office of the State Treasurer [Repealed] › Section 1806 through 1919

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer of
				chapter 4 (subchapters 1-9, sections
				1806-1919, not consecutive) and
				new chapter 4 (articles 1-8, sections
				1806-1915, not consecutive) filed
				3-10-83; effective thirtieth day thereafter (Register 83, No. 11). For prior
				history, see Registers 77, No. 20, and 73, No. 27.
2. Editorial
				correction of printing error in Detailed Analysis and correction of running
				head appearing on each page (Register 83, No. 19).
3. Editorial
				correction of printing error changing division 4 to chapter 4 (Register 91, No.
				33).
4. Change without regulatory effect repealing chapter 4
				(articles 1-8, sections
				1806-1915, not consecutive) filed
				6-2-92 pursuant to section
				100, title 1, California Code of
				Regulations (Register 92, No. 23).
Note: Authority cited: Sections
				  20001,
				  20003 and
				  20004, Water
				  Code. Reference: Sections
				  20001,
				  20003 and
				  20004, Water
				  Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 1 - Production of Insurance › Article 1 - Standards for Approval and Disapproval of Names of Insurance Producers › Section 2050 - Authority

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
These regulations are promulgated pursuant to the authority
					 granted to the Insurance Commissioner under the provisions of Section
					 790.10 of
					 the Insurance Code.
1. Original
					 Rules and Regulations of Department of Insurance, Chapter 5, sections
					 1050-1353, renumbered to sections
					 2050-2353, for printing purposes,
					 filed 5-10-46 (Register 46, No. 3).
2. Repealer of Article 1
					 (Sections 2050-2052) and new Article 1
					 (Sections 2050-2052.3, not consecutive)
					 filed 8-17-73; designated effective 10-1-73 (Register 73, No. 33). For former
					 Article 1, see Register 71, No. 48.
Note: Authority cited: Section
						790.10,
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 1 - Production of Insurance › Article 1 - Standards for Approval and Disapproval of Names of Insurance Producers › Section 2051 - Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
For the purposes of this Article and Division 1, Part 2,
					 Chapter 5, Article 12, of the Insurance Code, the following definitions shall
					 apply:
(a) The term "producer" means
				  any person (including any partnership, association or corporation) licensed by
				  the Commissioner in one or more of the following capacities: insurance agent,
				  variable contract agent, life and disability agent, life only agent, disability
				  only agent, insurance broker, surplus line broker, special lines surplus line
				  broker, bail agent and bail permittee (The term "producer," for the purpose of
				  these regulations, does not encompass or mean persons licensed as insurance
				  solicitors or bail solicitors because an individual licensed as either an
				  insurance solicitor or bail solicitor is authorized to do business solely under
				  the said individual's true name or under the name(s) appearing on the license
				  of the said individual's employer.);
(b) The term "true name" means present legal
				  name or true corporate name;
(c)
				  The term "bona fide natural name" means the name given an individual at birth
				  or adoption during minority;
(d)
				  The term "fictitious name" means any name other than a true name or a bona fide
				  natural name;
(e) The term
				  "applicant" means a person applying for approval of a name, and
(f) The term "other applicant or licensee" or
				  "another applicant or licensee" shall include all persons except the applicant
				  required by the Insurance Code:
(1) To hold a
				  license from the Insurance Commissioner;
(2) To hold a certificate of authority from
				  the Insurance Commissioner; or
(3)
				  To have a name approved by the Insurance Commissioner although not otherwise
				  required to be licensed.