§ 720 — Servicing student loans without a license

§ 720. Servicing student loans without a license. 1. Whenever, in the\nopinion of the superintendent, a person is engaged in the business of\nservicing student loans, either actually or through subterfuge, without\na license from the superintendent, the superintendent may order that\nperson to desist and refrain from engaging in the business of servicing\nstudent loans in the state. If, within thirty days after an order is\nserved, a request for a hearing is filed in writing and the hearing is\nnot held within sixty days of the filing, the order shall be rescinded.\n 2. This section does not apply to exempt organizations.\n