1. (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. (1) General ledgers reflecting the assets, liabilities, capital, income and expense of the business, in accordance with generally accepted accounting principles;
   2. (2) Cash receipt and disbursement journal.
2. (b) Books and records referenced in this rule must be maintained in accordance with generally accepted accounting principles.

Note: Authority cited: Section 28106, Financial Code. Reference: Sections 28130 and 28152, Financial Code.

History

1. New article 6 (sections 2041.5-2044) and section filed 3-28-2019; operative 3-28-2019 pursuant to Government Code section 11343.4(b)(3) (Register 2019, No. 13).