California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 15 - Student Loan Servicing Act
Article 4 - Assessments
Section 2039.5 - Annual Assessments
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) Each licensee must pay the annual assessment, required under Financial Code section 28144. The assessment represents the licensee's pro rata share of all costs and expenses incurred by the Department to run the Student Loan Servicing Program. A licensee's pro rata share is the proportion that a licensee's servicing activities in California bears to total costs and expenses, after deducting $250 for each licensed location. A licensee's servicing activities in California is the percentage which the number of borrowers serviced in California by the licensee bears to the total number of borrowers serviced by all licensees in California.
(b) Assessment notices will be distributed to licensees on or before September 30 of each year.
(c) The Commissioner may choose to distribute assessment notices through NMLS.
(d) The Commissioner may require that all assessments be paid through NMLS.
1. New article 4 (section 2039.5) and section filed 3-28-2019; operative 3-28-2019 pursuant to Government Code section 11343.4(b)(3) (Register 2019, No. 13).
Note: Authority cited: Section 28106, Financial Code. Reference: Sections 28110 and 28144, Financial Code.
