§ 712 — Application for a student loan servicer license; fees

§ 712. Application for a student loan servicer license; fees. 1. The\napplication for a license to engage in the business of servicing student\nloans shall be in writing, under oath, and in the form prescribed by the\nsuperintendent. Notwithstanding article three of the state technology\nlaw or any other law to the contrary, the superintendent may require\nthat an application for a license or any other submission or application\nfor approval as may be required by this article be made or executed by\nelectronic means if he or she deems it necessary to ensure the efficient\nand effective administration of this article. The application shall\ninclude a description of the activities of the applicant, in such detail\nand for such periods as the superintendent may require; including:\n (a) an affirmation of financial solvency noting such capitalization\nrequirements as may be required by the superintendent, and access to\nsuch credit as may be required by the superintendent;\n (b) a financial statement prepared by a certified public accountant,\nthe accuracy of which is sworn to under oath before a notary public by\nan officer or other representative of the applicant who is authorized to\nexecute such documents;\n (c) an affirmation that the applicant, or its members, officers,\npartners, directors and principals as may be appropriate, are at least\ntwenty-one years of age;\n (d) information as to the character, fitness, financial and business\nresponsibility, background and experiences of the applicant, or its\nmembers, officers, partners, directors and principals as may be\nappropriate;\n (e) any additional detail or information required by the\nsuperintendent.\n 2. An application to become a licensed student loan servicer or any\napplication with respect to a student loan servicer shall be\naccomplished by a fee as prescribed pursuant to section eighteen-a of\nthis chapter.\n