Section 2042.5 - Student Loan Servicing Records - Traditional Student Loans(a) A student loan servicer must maintain its books, records, and accounts at one or more of its licensed location(s). The licensee must designate the licensed location(s) at which its books, records, and accounts are maintained. The designated licensed location(s) and books, records and accounts must be accessible to the Department.(b) The individual loan servicing records required to be maintained for each student loan shall include, at a minimum, the following: disclosure statements sent to the borrower; the promissory note or loan agreement; the complete loan history; qualified written requests; borrower instructions how to apply overpayments; and statements of account sent to the borrower.(c) Each loan history shall include disbursements, interest accruals, fees, late charges, any other miscellaneous amounts charged to the borrower, payments received, and the corresponding dates for each.(d) A student loan servicer must also maintain a consolidated report, for each student loan borrower, individually, containing the information specified in section 2042, subdivision (b), of these rules.Cal. Code Regs. Tit. 10, § 2042.5
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 and subsections (a)-(b) and amendment of NOTE filed 10-4-2023; operative 1/1/2024 (Register 2023, No. 40).