§ 28166. — 28166. (Added by Stats. 2016, Ch. 824, Sec. 2.)

California § 28166.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 12.5.: DIVISION 12.5. Student Loan Servicing Act
• Ch. 5.: CHAPTER 5. Enforcement

Text

The commissioner may issue an order suspending or revoking a license if, after notice and an opportunity for hearing, the commissioner finds any of the following:
(a)
The licensee is violating this division or a regulation adopted or an order issued under this division.
(b)
The licensee does not
cooperate with an examination or investigation by the commissioner.
(c)
The licensee engages in fraud, intentional misrepresentation, or gross negligence in servicing a student loan.
(d)
The competence, experience, character, or general fitness of the licensee, an individual specified in Section 28116, or any person responsible for servicing a student loan for the licensee indicates that it is not in the public interest to permit the licensee to continue servicing student loans.
(e)
The licensee engages in unsafe or injurious practice.
(f)
The licensee is insolvent, suspends payment of its obligations, or makes a general assignment for the benefit of its creditors.
(g)
Any fact or
condition exists that, if it had existed at the time the licensee applied for the license, would have been grounds for denying the application.

Legislative History

Added by Stats. 2016, Ch. 824, Sec. 2. (AB 2251) Effective January 1, 2017. Operative July 1, 2018, pursuant to Section 28182.