(a) Notwithstanding section 409.3 of this Part, any student loan servicer required to obtain a license under that section, that is engaged in the business of servicing student loans prior to October 9, 2019 and that on or before such date submits a complete application pursuant to that section, shall be deemed to possess a temporary license to continue its engagement in the business of student loan services subject to the conditions and limitations set forth in subdivision (b) of this section.

1. (1) The temporary license provided for in subdivision (a) of this section, shall be effective from October 9, 2019 and shall expire upon the superintendent’s issuance of a license, the superintendent’s refusal to issue a license, or the withdrawal of the application, whichever occurs first.
2. (2) A temporary license provided for in subdivision (a) of this section may be terminated without a hearing if the superintendent, in her sole discretion, finds that there is a risk of public harm or other good cause for such termination.
3. (3) A temporary license provided for in subdivision (a) of this section shall not be renewable.

(b) Temporary license.