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Can you summarize DCCO 31-106.02?
Establishment of the Department of Insurance, Securities, and Banking. > Student loan servicer; licensure and reporting requirements.
Short Summary
This document establishes the licensure and reporting requirements for student loan servicers operating in the District of Columbia. It states that no person or entity can operate as a student loan servicer without obtaining a Student Loan Servicer (SLS) license, except for certain exempt entities such as banks, credit unions, and educational institutions. The document outlines the application process for obtaining an SLS license, including the submission of a completed application, audited financial statements, and a surety bond. It also requires licensees to notify the Department of any changes in their information and surrender their license if they cease to engage in the business of being a student loan servicer. The document specifies that a license can be renewed upon meeting the requirements and provides grounds for license revocation or suspension. Additionally, it mandates licensees to file an annual report with the Commissioner, which includes information about loan transfers and other business operations. The Department is required to make these reports available to the public. Overall, this document aims to regulate and oversee the activities of student loan servicers in the District of Columbia.
Whom does it apply to?
Persons or entities operating as student loan servicers in the District of Columbia
What does it govern?
Student loan servicer licensure and reporting requirements
What are exemptions?
1) Banks, trust companies, or other loan companies authorized to transact business in the District; 2) Federally chartered savings and loan associations, federal savings banks, or federal credit unions authorized to transact business in the District; 3) Savings and loan associations, savings banks, or credit unions organized under the laws of the District or any other state authorized to transact business in the District; 4) Public postsecondary educational institutions or private nonprofit postsecondary educational institutions servicing a student loan they extended to a student loan borrower
What are the Penalties?
Not specified
Jurisdiction
Washington, D.C.