California Financial Code CHAPTER 3 - Licensee Duties
- Section 28126.
(a) A licensee shall notify the commissioner, in writing, of any change in the information provided in the application for a license, as applicable, not later...
- Section 28128.
(a) A licensee seeking to engage in the business of servicing student loans at a new location shall submit an application for a branch office license...
- Section 28130.
A licensee shall do all of the following:(a) Develop policies and procedures reasonably intended to promote compliance with this division.(b) File with the commissioner any report required...
- Section 28132.
(a) A licensee shall not be required to comply with the requirements of subdivision (g) of Section 28130, if the licensee reasonably determines that any of...
- Section 28134.
(a) If the sale, assignment, or other transfer of the servicing of a student loan results in a change in the identity of the party to...
- Section 28136.
The licensee shall not do any of the following:(a) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead a borrower.(b) Engage in any...
- Section 28138.
Notwithstanding subdivision (b) of Section 28134 and unless prohibited by federal law, a licensee shall retain and maintain its records of servicing a borrower’s student...
- Section 28140.
A licensee shall continuously maintain a minimum net worth of at least two hundred fifty thousand dollars ($250,000).(Added by Stats. 2016, Ch. 824, Sec. 2....
- Section 28142.
(a) A licensee shall maintain a surety bond in accordance with this section in a minimum amount of twenty-five thousand dollars ($25,000). The bond shall be...
- Section 28144.
(a) Each licensee shall pay to the commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of this division, as...
- Section 28146.
(a) A licensee shall file an annual report with the commissioner, on or before the 15th day of March, giving the relevant information that the commissioner...
- Section 28148.
(a) At the end of the licensee’s fiscal year, but in no case more than 12 months after the last audit conducted pursuant to this section,...
- Section 28150.
A licensee that ceases to service student loans to borrowers shall inform the commissioner in writing and surrender the license and all other indicia of...
Last modified: October 22, 2018