CHAPTER 3. Licensee Duties

Chapter 3 added by Stats. 2016, Ch. 824, Sec. 2.

§§ 28126–28150 · 11 sections

• § 28126 (a) A licensee shall notify the commissioner, in writing, of any change in the information provided in the application for a license, as applicable, not later…
• § 28128 (a) A licensee seeking to engage in the business of servicing student loans at a new location shall submit an application for a branch office license to the…
• § 28130 A licensee shall do all of the following: (a) Develop policies and procedures reasonably intended to promote compliance with this division. (b) File with the…
• § 28132 (a) A licensee shall not be required to comply with the requirements of subdivision (g) of Section 28130, if the licensee reasonably determines that any of the…
• § 28138 Notwithstanding subdivision (b) of Section 28134 and unless prohibited by federal law, a licensee shall retain and maintain its records of servicing a…
• § 28140 (a) A licensee shall continuously maintain a minimum net worth of at least two hundred fifty thousand dollars ($250,000). (b) Subject to the commissioner’s…
• § 28142 (a) A licensee shall maintain a surety bond in accordance with this section in a minimum amount of twenty-five thousand dollars ($25,000). The bond shall be…
• § 28144 (a) Each licensee shall pay to the commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of this division, as…
• § 28146 (a) A licensee shall file an annual report with the commissioner, on or before the 15th day of March, giving the relevant information that the commissioner…
• § 28148 (a) At the end of the licensee’s fiscal year, but in no case more than 12 months after the last audit conducted pursuant to this section, each licensee shall…
• § 28150 A licensee that ceases to service student loans to borrowers shall inform the commissioner in writing and surrender the license and all other indicia of…