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Financial Code - FIN - FIN § 28126
Financial Code - FIN - FIN § 28126
(a) A licensee shall notify the commissioner, in writing, of any change in the information provided in the application for a license, as applicable, not later than 10 business days after the occurrence of the event that results in the information becoming inaccurate or incomplete
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Financial Code - FIN - FIN § 28128
Financial Code - FIN - FIN § 28128
(a) A licensee seeking to engage in the business of servicing student loans at a new location shall submit an application for a branch office license to the commissioner at least 10 days before engaging in the business of servicing student loans at a new location and pay the fee
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Financial Code - FIN - FIN § 28130
Financial Code - FIN - FIN § 28130
A licensee shall do all of the following: (a) Develop policies and procedures reasonably intended to promote compliance with this division. (b) File with the commissioner any report required by the commissioner. (c) Comply with the provisions of this division and any regulation o
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Financial Code - FIN - FIN § 28132
Financial Code - FIN - FIN § 28132
(a) A licensee shall not be required to comply with the requirements of subdivision (g) of Section 28130, if the licensee reasonably determines that any of the following apply: (1) A qualified written request is substantially the same as a qualified written request previously mad
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Financial Code - FIN - FIN § 28138
Financial Code - FIN - FIN § 28138
Notwithstanding subdivision (b) of Section 28134 and unless prohibited by federal law, a licensee shall retain and maintain its records of servicing a borrower’s student loan for a minimum of three years after the student loan has been sold, assigned, transferred, or paid in full
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Financial Code - FIN - FIN § 28140
Financial Code - FIN - FIN § 28140
(a) A licensee shall continuously maintain a minimum net worth of at least two hundred fifty thousand dollars ($250,000). (b) Subject to the commissioner’s sole discretion, an applicant or licensee that is a wholly owned subsidiary of a public holding company required to comply w
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Financial Code - FIN - FIN § 28142
Financial Code - FIN - FIN § 28142
(a) A licensee shall maintain a surety bond in accordance with this section in a minimum amount of twenty-five thousand dollars ($25,000). The bond shall be payable to the commissioner and issued by an insurer authorized to do business in this state. The surety bond, including an
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Financial Code - FIN - FIN § 28144
Financial Code - FIN - FIN § 28144
(a) Each licensee shall pay to the commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of this division, as estimated by the commissioner, for the ensuing year and any deficit actually incurred or anticipated in the administration o
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Financial Code - FIN - FIN § 28146
Financial Code - FIN - FIN § 28146
(a) A licensee shall file an annual report with the commissioner, on or before the 15th day of March, giving the relevant information that the commissioner reasonably requires concerning the business and operations conducted by the licensee in the state during the preceding calen
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Financial Code - FIN - FIN § 28148
Financial Code - FIN - FIN § 28148
(a) At the end of the licensee’s fiscal year, but in no case more than 12 months after the last audit conducted pursuant to this section, each licensee shall cause its books and accounts to be audited by an independent certified public accountant. The audit shall be sufficiently
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Financial Code - FIN - FIN § 28150
Financial Code - FIN - FIN § 28150
A licensee that ceases to service student loans to borrowers shall inform the commissioner in writing and surrender the license and all other indicia of license to the commissioner. The commissioner may require a licensee to file a plan for the disposition of the servicing busine
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Financial Code - FIN - FIN § 28152
Financial Code - FIN - FIN § 28152
(a) As often as the commissioner deems necessary and appropriate, but at least once every 36 months, the commissioner shall examine the affairs of each licensee for compliance with this division. The commissioner shall appoint suitable persons to perform the examination. The comm
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Financial Code - FIN - FIN § 28153
Financial Code - FIN - FIN § 28153
The commissioner may require persons who are not expressly excluded from this division under subdivision (b) of Section 28102 to file with the commissioner, under oath or otherwise, in the form and within a reasonable period of time as prescribed by the commissioner by special re
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Financial Code - FIN - FIN § 28153.5
Financial Code - FIN - FIN § 28153.5
In any proceeding under this division, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
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Financial Code - FIN - FIN § 28154
Financial Code - FIN - FIN § 28154
(a) If a licensee fails to do either of the following, the commissioner shall impose a penalty in a sum of up to one hundred dollars ($100) for every day late: (1) To make any report required by law or by the commissioner within 10 days from the day designated for the making of t
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Financial Code - FIN - FIN § 28156
Financial Code - FIN - FIN § 28156
(a) The commissioner may, after appropriate notice and opportunity for hearing, by order, censure or suspend for a period not exceeding 12 months, or bar from any position of employment, management, or control of any licensee, or any other person, if the commissioner finds either
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Financial Code - FIN - FIN § 28158
Financial Code - FIN - FIN § 28158
If, after investigation, the commissioner has reasonable grounds to believe that a licensee is conducting or has conducted business in an unsafe or injurious manner, the commissioner shall, by written order addressed to the licensee, direct the discontinuance of the unsafe or inj
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Financial Code - FIN - FIN § 28160
Financial Code - FIN - FIN § 28160
Whenever, in the opinion of the commissioner, a person is engaged in the business of servicing student loans in this state, either actually or through subterfuge, without a license from the commissioner, the commissioner may order that person to desist and refrain. If, within 30
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Financial Code - FIN - FIN § 28162
Financial Code - FIN - FIN § 28162
If, after investigation, the commissioner has reasonable grounds to believe that a licensee is failing to comply with this division or any regulation or order of the commissioner, the commissioner shall, by written order addressed to the licensee, direct the discontinuance of the
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Financial Code - FIN - FIN § 28164
Financial Code - FIN - FIN § 28164
(a) No order issued pursuant to this chapter may become final except after notice to the affected licensee of the commissioner’s intention to make the order final and of the reasons for the finding. The commissioner shall also notify the licensee that upon receiving a request, th
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Financial Code - FIN - FIN § 28166
Financial Code - FIN - FIN § 28166
The commissioner may issue an order suspending or revoking a license if, after notice and an opportunity for hearing, the commissioner finds any of the following: (a) The licensee is violating this division or a regulation adopted or an order issued under this division. (b) The l
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Financial Code - FIN - FIN § 28168
Financial Code - FIN - FIN § 28168
(a) If, after investigation, the commissioner has reasonable grounds to believe that a person has engaged or is about to engage in any act or practice constituting a violation of any provision of this division or any rule or order hereunder, the commissioner may bring an action t
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Financial Code - FIN - FIN § 28170
Financial Code - FIN - FIN § 28170
(a) If, upon inspection, examination or investigation, based upon a complaint or otherwise, the department has cause to believe that a person is engaged in the business of servicing student loans without a license, or a licensee or person is violating any provision of this divisi
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Financial Code - FIN - FIN § 28172
Financial Code - FIN - FIN § 28172
(a) Any person who violates a provision of this division, or any rule or order under this division, shall be liable for a civil penalty not to exceed two thousand five hundred dollars ($2,500) for each violation. This penalty shall be assessed and recovered in a civil action brou
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Financial Code - FIN - FIN § 28174
Financial Code - FIN - FIN § 28174
(a) The commissioner may refer the evidence that is available concerning any violation of this division or of any rule or order adopted under this division to the district attorney of the county in which the violation occurred. The district attorney may, with or without the commi