California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 15 - Student Loan Servicing Act
Article 2 - Application for Licensure and Related Forms
Section 2037.5 - Challenge Process for Information Entered into NMLS

Universal Citation: 10 CA Code of Regs 2037.5

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

(a) If an applicant or licensee disputes the accuracy or completeness of any material information entered into and maintained by NMLS, the applicant or licensee may submit a written request to the Commissioner to the attention of the Manager, Student Loan Servicing Program, Department of Financial Protection and Innovation.

(b) The request shall include the applicant or licensee's name, unique identifier, a statement of the alleged inaccuracy or incompleteness of the information entered into NMLS, and its materiality, and shall provide any proof or corroboration available, including copies of official documents or court orders that support the changes requested by the applicant.

(c) Upon receipt of the request, the Commissioner shall investigate the request, along with any information provided, and determine if the information entered into NMLS is correctly reflected.

(d) If the Commissioner determines that the information is materially incorrect, the Commissioner shall request that the NMLS record be corrected.

(e) If the Commissioner denies the allegations of material inaccuracy or incompleteness in the NMLS record, the Commissioner shall notify the licensee or applicant in writing.

(f) Within 30 days from the mailing or service of the notification, the person may request a hearing under the Administrative Procedure Act (Chapter 5 (commencing with Section 11500) of Part 1, Division 3, Title 2 of the Government Code) for a determination of whether material inaccuracy or incompleteness exists in the record.

(g) If a material inaccuracy or incompleteness is found in any record, within 30 days of notice of the finding, the Commissioner shall request that NMLS correct the information.

(h) Judicial review of the decision shall be governed by Section 11523 of the Government 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. Change without regulatory effect amending subsection (a) filed 5-3-2021 pursuant to section 100, title 1, California Code of Regulations (Register 2021, No. 19).

Note: Authority cited: Section 28106, Financial Code. Reference: Section 28110, Financial Code.

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