3002 LICENSE APPLICATION CONTENT, FEES, AND QUALIFICATIONS

3002.1 A license application shall be filed on a form prescribed by the Commissioner, using the National Multistate Licensing System (“NMLS”).

3002.2 The application shall include at a minimum:

1. (a) Statements under oath that the applicant has never had an educational or student loan-related license, or other financial services related license, revoked by any governmental agency in any jurisdiction;
2. (b) Statements under oath that the applicant and each of its officers, directors, partners, and owners of a controlling interest have not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:
3. (1) During the seven (7) year period preceding the date of the application for licensure; or
4. (2) At any time preceding the date of application, if the felony involved an act of fraud, dishonesty, a breach of trust, or money laundering;
5. (c) Evidence of the applicant’s financial responsibility, character and general fitness that warrants a determination that the applicant will operate honestly, fairly, and efficiently within the purposes of the Act. For the purposes of this paragraph, an applicant shall not be found financially responsible if the applicant has:
6. (1) Current outstanding judgments; or
7. (2) Current outstanding tax liens or other government liens or filings.
8. (d) Evidence demonstrating that the applicant has met the applicable net worth and surety bond requirements pursuant to D.C. Official Code §§ 31-106.02(c)(1)(C) and (D), and §§ 3003 and 3004;
9. (e) Payment of applicable fees as described in § 3023 and any outstanding fees due to the Department or to the District, including compliance with the Clean Hands Before Receiving a License or Permit Act of 1996, effective May 11, 1996 (D.C. Law 11-118; D.C. Official Code §§ 47-2861 et seq.);

(f) The legal name, trade name, and business address of the applicant and, if the applicant is a partnership, association, company, or corporation, of every partner, member, officer, and director thereof;

(g) All names, including but not limited to, website domain names, under which the applicant will conduct business in the District;

(h) The complete name and address of the applicant's registered agent and registered office for service of process in the District;

(i) Information to demonstrate the applicant's current qualifications to service student education loans in the District;

(j) The general plan and description of the applicant's business, including policies and procedures for receiving and processing consumer inquiries, complaints, and grievances promptly and fairly;

(k) The address of the applicant's principal place of business and any branch or branch offices from which the applicant proposes to operate as a student loan servicer; and

(l) Other data, financial statements, and information as the Commissioner may require with respect to the applicant, its partners, members, officers, directors, trustees, or agents.

3002.3 The applicant shall label any confidential information submitted pursuant this section as "confidential information." Confidential information shall be exempt from disclosure pursuant to the Freedom of Information Act of 1976, effective March 29, 1977 (D.C. Law 1-96; D.C. Official Code §§ 2-531 et seq.).

SOURCE: Final Rulemaking published at 65 DCR 8395 (August 10, 2018).