3014.1 A student loan servicer licensee shall, on or before January 30, submit an annual report for the preceding calendar year to the Commissioner in a form prescribed by the Commissioner.

3014.2 The annual report shall include the following information:

(a) The number of student education loans sold, assigned, or transferred during the preceding calendar year; and

(b) Any other relevant information related to business operations required by the Commissioner by bulletin or notice.

3014.3 A licensee that fails to file an annual report at the time prescribed by the Act, shall be assessed a late penalty of up to fifty dollars ($50) per day following the date the annual report is due until the annual report is filed with the Commissioner.

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