1. (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.
2. (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.
3. (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.
4. (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.

History

1. New section filed 10-4-2023; operative 1-1-2024 (Register 2023, No. 40).