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§ 2042.65. Aggregate Student Loan Servicing Report--Education Financing Products.

10 CA ADC § 2042.65Barclays Official California Code of RegulationsEffective: January 1, 2024

Barclays California Code of Regulations
Title 10. Investment
Chapter 3. Commissioner of Financial Protection and Innovation (Refs & Annos)
Subchapter 15. Student Loan Servicing Act
Article 6. Examinations, Books and Records
Effective: January 1, 2024
10 CCR § 2042.65
§ 2042.65. Aggregate Student Loan Servicing Report--Education Financing Products.
(a) Each licensee shall maintain a current, aggregate report of education financing products it services and shall produce it within ten (10) days of a request by the Commissioner.
(b) The aggregate education financing servicing report shall contain the following information for each education financing product serviced:
(1) Borrower name;
(2) Education financing product account number;
(3) Number of education financing products serviced for each borrower;
(4) Education financing product type, using the name the product is most commonly called, such as, for example, income share agreement or installment contract;
(5) Date of execution of income share agreement, installment contract, or other written agreement evidencing an education financing product; and
(6) Payoff amount or, in the case of an income share agreement, a description of the early completion provision and calculated dollar amount that allows students to terminate the income share agreement.
(c) The aggregate education financing servicing report shall also contain the following information for each income share agreement serviced:
(1) Date amount advanced, covered, credited, deferred, or funded;
(2) Amount advanced, covered, credited, deferred, or funded;
(3) Borrower's income;
(4) Income share;
(5) Annual percentage rate, calculated at the minimum annual income above which payments are required and at $10,000 income increments thereafter up to the annual income where the maximum number of monthly payments results in the maximum amount payable.
(6) Minimum threshold;
(7) Payment cap;
(8) Payment term;
(9) Maximum payments;
(10) Monthly payment amount; and
(11) Number and total amount of qualifying payments made.
(d) The aggregate education financing servicing report shall also contain the following information for each installment contract serviced:
(1) Date amount advanced, covered, credited, deferred, or funded;
(2) Amount advanced, covered, credited, deferred, or funded;
(3) Annual percentage rate;
(4) Installment contract term, including date of commencement and date of termination;
(5) Date first installment payment is due;
(6) Installment payment amount; and
(7) Maximum number of required payments due, payments made, and payments remaining due until the installment contract is paid or satisfied.
(e) The aggregate education financing servicing report shall also contain the following information for each education financing product serviced which is not an income share agreement or installment contract:
(1) Date amount advanced, covered, credited, deferred, or funded;
(2) Amount advanced, covered, credited, deferred, or funded;
(3) Annual percentage rate;
(4) Amount of each payment due;
(5) Maximum number of required payments; and
(6) Maximum payment term.

Credits

Note: Authority cited: Section 1788.103, Civil Code; and Section 28106, Financial Code. Reference: Sections 1788.100, 1788.101, 1788.102 and 1788.103, Civil Code; and Sections 28130 and 28152 Financial Code.
History
1. New section filed 10-4-2023; operative 1-1-2024 (Register 2023, No. 40).
This database is current through 6/21/24 Register 2024, No. 25.
Cal. Admin. Code tit. 10, § 2042.65, 10 CA ADC § 2042.65
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