§1010.170. Books and Records  

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  • 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.