§1010.170. Books and Records

a)         Licensees must maintain a general ledger, maintain a cash receipt and disbursement journal, and reconcile bank accounts at least monthly.

 

b)         Licensees shall maintain, for each student loan serviced, the following information:

 

1)         the student loan application, if available;

 

2)         disclosure statements sent to the borrower;

 

3)         the promissory note or loan agreement;

 

4)         the complete loan history;

 

5)         qualified written requests;

 

6)         instructions from the borrower, if any, on how to apply overpayments;

 

7)         statements of account sent to the borrower; and

 

8)         any additional records the Director may designate.

 

c)         Each licensee must maintain books and records (see subsections (a) and (b)) at a location designated by the licensee.