All individual license renewals are subject to Texas Education Code, §57.491 relating to defaults on guaranteed student loans and repayment agreements.
- (1) The Commission may issue an initial license to a person who is in default on a guaranteed student loan but shall not renew the license, unless the applicant furnishes a certification from the Texas Guaranteed Student Loan Corporation that the licensee has entered into a repayment plan on the loan or that the licensee is no longer in default on the loan.
- (2) The Commission shall not renew the license of a person who is in default on a guaranteed student loan, unless the renewal is the first renewal following the Commission's receipt of notice of the licensee's default or the licensee has furnished the certification described in paragraph (1) of this section.
- (3) The Commission shall not renew the license of a person who defaults on a repayment agreement on a defaulted loan, unless the Commission receives a certification that the licensee has entered into another repayment agreement or that the licensee is no longer in default.
- (4) The Commission shall give the licensee an opportunity for hearing before taking action concerning the non-renewal of a license for default on a guaranteed student loan or a repayment agreement.
Source Note:The provisions of this §206.1 adopted to be effective October 6, 2005, 30 TexReg 6266; amended to be effective January 8, 2015, 40 TexReg 61.