D.C. Mun. Regs. tit. 26, r. 26-C3007
The Commissioner shall approve an initial license application that meets the requirements of this chapter not later than sixty (60) days from the date the Commissioner determines that the application is complete.
A licensee shall continuously maintain its license and qualifications to do business in the District for as long as the student loan servicer license is in effect.
The Commissioner may restrict or impose conditions on any license in conjunction with a violation of the Act, these regulations, or any orders issued by the Commissioner.
Licensees are under a continuing obligation to update information on file with the Commissioner. If any information filed with the Commissioner becomes inaccurate, the licensee shall within ten (10) business days submit to the Commissioner an amendment to its record that will correct the information on file with the Commissioner.
A licensee shall not operate as a student loan servicer under any other name or at any other place of business other than that named in the license, unless the licensee has taken action pursuant to § 3007.4.
A license shall remain in force until it has expired or has been surrendered, revoked, or suspended in accordance with the provisions of this chapter. The expiration, surrender, revocation, or suspension of a license shall not affect any pre-existing legal right or obligation of the licensee, including any civil or criminal liability of a licensee for acts committed before the license expired or was surrendered, revoked, or suspended.
A license granted pursuant to this chapter shall not be transferable or assignable.
Not more than one (1) place of business shall be maintained under the same license, but the Commissioner may issue more than one (1) license to the same student loan servicer licensee upon compliance with all applicable provisions of this chapter governing the original issuance of a license.
D.C. Mun. Regs. tit. 26, r. 26-C3007