Section 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.