California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 15 - Student Loan Servicing Act
Article 6 - Examinations, Books and Records
Section 2043 - Records of Servicing Transferred; Notification to Borrower of Transfer
Universal Citation: 10 CA Code of Regs 2043
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(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.
Note: Authority cited: Section 28106, Financial Code. Reference: Sections 28130, 28138 and 28152, Financial Code.
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