New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter III - SUPERINTENDENT'S REGULATIONS
Subchapter B - NON-BANKING ORGANIZATIONS
Part 409 - STUDENT LOAN SERVICERS
Section 409.13 - Books and records

Universal Citation: 3 NY Comp Codes Rules and Regs ยง 409.13

Current through Register Vol. 46, No. 12, March 20, 2024

(a) Each student loan servicer shall keep and use in its business such books, accounts, and records as will enable the superintendent to determine whether such student loan servicer is complying with the provisions of this article and with the rules and regulations lawfully made by the superintendent.

(b) Every student loan servicer shall preserve such books, accounts, and records, for at least three years or such longer period as may be required by any other provision of law.

(c) In addition to the requirements of subdivision (b) of this section, each student loan servicer shall keep records of each student loan, including at a minimum all the information listed in paragraph (d)(1) of section 409.8 of this part, and all communications with borrowers for not less than two years following the final payment on such student loan or the sale, assignment or other transfer of the servicing of the student loan to which they relate.

(d) A licensee who surrenders its license shall remain under the obligations of this section to maintain books, accounts, and records notwithstanding the surrender.

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