Connecticut § 36a-849 Records to be maintained by licensee.

Connecticut Statutes

§ 36a-849 — Records to be maintained by licensee.

Connecticut·Title 36a The Banking Law of Connecticut·Ch. 669 Regulated Activities

(a)Except as otherwise required pursuant to federal law, a federal student loan agreement or by a contract with the United States Department of Education, each private student loan servicer licensee and each federal student loan servicer registrant shall maintain adequate records of each student education loan transaction for not less than two years following the final payment on such student education loan or the assignment of such student education loan, whichever occurs first, or such longer period as may be required by any other provision of law.

(b)Except as otherwise required pursuant to federal law, a federal student loan agreement or by a contract with the United States Department of Education, each private student loan servicer licensee and each federal student loan servicer reg

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(a) Except as otherwise required pursuant to federal law, a federal student loan agreement or by a contract with the United States Department of Education, each private student loan servicer licensee and each federal student loan servicer registrant shall maintain adequate records of each student education loan transaction for not less than two years following the final payment on such student education loan or the assignment of such student education loan, whichever occurs first, or such longer period as may be required by any other provision of law. (b) Except as otherwise required pursuant to federal law, a federal student loan agreement or by a contract with the United States Department of Education, each private student loan servicer licensee and each federal student loan servicer registrant shall, if requested by the commissioner, make such records available or send such records to the commissioner by registered or certified mail, return receipt requested, or by any express delivery carrier that provides a dated delivery receipt, not later than five business days after requested by the commissioner to do so. Upon request, the commissioner may grant a licensee or registrant additional time to make such records available or send the records to the commissioner.

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Legislative History

(P.A. 15-162, S. 5; P.A. 16-65, S. 61; P.A. 21-130, S. 6.) History: P.A. 15-162 effective July 1, 2016; P.A. 16-65 amended Subsec. (a) by deleting provision re persons exempt from licensure and amended Subsec. (b) by adding “licensee” re student loan servicer, effective July 1, 2016; P.A. 21-130 amended Subsec. (a) by replacing “Each” with “Except as otherwise required pursuant to federal law, a federal student loan agreement or by a contract with the United States Department of Education, each private” and adding “and each federal student loan servicer registrant”, and amended Subsec. (b) by replacing “If requested by the commissioner, each” with “Except as otherwise required pursuant to federal law, a federal student loan agreement or by a contract with the United States Department of Education, each private”, replacing “shall” with “and each federal student loan registrant shall, if requested by the commissioner,” and adding “or registrant”, effective July 1, 2021.