(c) A sale, assignment, or transfer of the servicing must be completed no less than seven days from the date the next payment is due on the student loan.
(b) The student loan servicer must complete the transfer under paragraph (a), clause (2), less than 45 days from the date of the sale, assignment, or transfer of the servicing. (2) transfer to the new student loan servicer all information regarding the borrower, the account of the borrower, and the borrower's student loan, including but not limited to the repayment status of the student loan and the benefits described in clause (1). (1) require the new student loan servicer to honor all benefits that were made available, or which may have become available, to a borrower from the original student loan servicer and (a) If a borrower's student loan servicer changes pursuant to the sale, assignment, or transfer of the servicing, the original student loan servicer must:
States revoking licenses over student loan defaults license#
(b) A person who fails to make a timely application for renewal of a license and who has not received the renewal license as of January 1 of the renewal year is unlicensed until the renewal license has been issued by the commissioner and is received by the person. An application for renewal is considered properly filed if the application is made upon forms duly executed, accompanied by fees prescribed by this chapter, and containing any information that the commissioner requires. An application for renewal of a license is considered timely filed if the application is received by the commissioner, or mailed with proper postage and postmarked, no later than December 15 of the year immediately preceding the renewal year. The person may continue to act as a student loan servicer whether or not the renewed license has been received on or before January 1 of the renewal year. (a) A person whose application is properly and timely filed who has not received notice of denial of renewal is considered approved for renewal. (b) A license issued under this chapter is not transferable or assignable. (7) the application has met other similar requirements as determined by the commissioner. (6) the applicant has paid the fees required under this section and (5) no person, on behalf of the applicant, has knowingly omitted any information required by the commissioner from an application, report, or statement made pursuant to this section (4) no person, on behalf of the applicant, has knowingly made any incorrect statement of a material fact in the application or in any report or statement made pursuant to this section (3) each person in control of the applicant is in all respects properly qualified and of good character (2) the applicant's business will be conducted honestly, fairly, equitably, carefully, and efficiently within the purposes and intent of this chapter (1) the applicant's financial condition is sound The commissioner may issue a license if the commissioner finds: (a) Upon receipt of a complete application for an initial license and the payment of fees for a license and investigation, the commissioner must investigate the financial condition and responsibility, character, financial and business experience, and general fitness of the applicant.
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