Section 2042 - Aggregate Student Loan Servicing Report - Traditional Student Loans(a) Each licensee shall maintain a current, aggregate student loan servicing report which shall be produced upon request by the Commissioner. Servicer may provide student loan servicing reports for each type of loan serviced, which, when read together and aggregated, represent the total amount of student loans serviced by the servicer.(b) At a minimum, the aggregate student loan servicing report shall contain the following information, with respect to each student loan serviced: (2) Number of student loan(s) serviced for each borrower;(3) Loan number, for each loan;(4) Loan type, i.e., Federal Direct Loan; FFEL Loan; Perkins Loan; or private student loan which is a traditional student loan (Private student loans which are not traditional student loans are subject to section 2042.65 of these rules.);(5) Loan disbursement amount and date, for each loan;(6) Interest rate(s) and maturity date, or number of monthly payments required to repay the loan, for each loan;(7) Loan balance, status, and total amount paid for each loan;(8) Cumulative balance owing and cumulative amount paid by each borrower;(9) Whether borrower has an application pending for, or is repaying under, an alternative repayment plan, listing the plan chosen; and(10) Whether borrower has an application pending for any loan forgiveness benefit.Cal. Code Regs. Tit. 10, § 2042
Note: Authority cited: Section 1788.103, Civil Code; and Section 28106, Financial Code. Reference: Sections 1788.100, 1788.101, 1788.102 and 1788.103, Civil Code; and Sections 28130 and 28152, Financial Code.
1. New section filed 3-28-2019; operative 3/28/2019 pursuant to Government Code section 11343.4(b)(3) (Register 2019, No. 13).
2. Amendment of section heading, subsections (b)(4) and (b)(7)-(8) and amendment of NOTE filed 10-4-2023; operative 1/1/2024 (Register 2023, No. 40).