Section 2043 - Records of Servicing Transferred; Notification to Borrower of Transfer(a) In addition to the records required under section 2042.5, subdivision (b),and section 2042.75, subdivision (b), as applicable, a licensee that transfers any servicing rights, must also retain the contract and delivery schedules detailing loans for which servicing rights were transferred as part of its books and records to be examined by the Commissioner.(b)(1) Licensees shall send to borrowers the notification of transfer required to be sent, by the preferred method of communication indicated by the borrower (email or regular mail, through the United States Postal Service). If the borrower has not indicated a preferred method of communication, the servicer shall send this information by regular mail, through the United States Postal Service, to the borrower's last known mailing address on record. If the notification is returned as "undeliverable" by the United States Postal Service, the servicer shall send borrower the required notification to the email address(es) servicer has on record for the borrower.(2) The license number of the new student loan servicer to which loan(s) have been transferred is the servicer's NMLS number. The servicer's NMLS number may be used in the notification of transfer sent to the borrower.Cal. Code Regs. Tit. 10, § 2043
Note: Authority cited: Section 28106, Financial Code. Reference: Sections 28130, 28138 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 subsection (a) and NOTE filed 10-4-2023; operative 1/1/2024 (Register 2023, No. 40).