§ 28128. — 28128. (Amended by Stats. 2018, Ch. 379, Sec. 13.)

California § 28128.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 12.5.: DIVISION 12.5. Student Loan Servicing Act
• Ch. 3.: CHAPTER 3. Licensee Duties

Text

(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 to the commissioner at least 10 days before engaging in the business of servicing student loans at a new location and pay the fee required by Section 28112.
(b)
The licensee may engage in the business of servicing student loans at the new location 10 days after the date of submission of a branch office application.
(c)
(1)
The commissioner shall approve or deny the individual responsible for the servicing activity of the licensee at the new location in
accordance with Article 2 of Chapter 2 (commencing with Section 28112), and shall notify the licensee of this decision within 90 days of the date of receipt of the application.
(2)
If the commissioner denies the application, the licensee shall, within 10 days of the date of receipt of notification of the commissioner’s denial, submit a new application to the commissioner designating a different individual responsible for the servicing activity of the licensee at the new location. The commissioner shall approve or deny the different individual as provided in paragraph (1).
(d)
A licensee shall not engage in the business of servicing student loans at a new location in a name other than a name approved by the commissioner.
(e)
A branch office license to engage in the business of servicing at a new location shall be issued in accordance with this section. A change of street address of a place of business designated in a license shall be made in accordance with Section 28126 and shall
not constitute a new location subject to the requirements of this section.

Legislative History

Amended by Stats. 2018, Ch. 379, Sec. 13. (AB 38) Effective January 1, 2019.