A. Each licensee shall maintain in its principal place of business such books, accounts, and records as the Commissioner may reasonably require in order to determine whether such person is complying with the provisions of this chapter and other laws applicable to the conduct of its business. Such books, accounts, and records shall be maintained apart and separate from any other business in which the qualified education loan servicer is involved. Each licensee shall maintain adequate records of each qualified education loan transaction for at least three years after final payment is made on such loan or the assignment of such qualified education loan, whichever occurs first.
B. To safeguard the privacy of qualified education loan borrowers, records containing personal financial information shall be shredded, incinerated, or otherwise disposed of by a licensee in a secure manner. Licensees may arrange for the shredding, incineration, or other disposal of the records from a business record destruction vendor.
C. When the Bureau requests a written response, books, records, documentation, or other information from a licensee in connection with the Bureau's investigation, enforcement, or examination of compliance with applicable laws, the licensee shall deliver a written response as well as any requested books, records, documentation, or information within the time period specified in the Bureau's request. If no time period is specified, a written response as well as any requested books, records, documentation, or information shall be delivered by the licensee to the Bureau not later than 30 days from the date of such request. In determining the specified time period for responding to the Bureau and when considering a request for an extension of time to respond, the Bureau shall take into consideration the volume and complexity of the requested written response, books, records, documentation, or information and such other factors as the Bureau determines to be relevant under the circumstances.
2020, cc. 1198, 1250.
Structure Code of Virginia
Title 6.2 - Financial Institutions and Services
Chapter 26 - Qualified Education Loan Servicers
§ 6.2-2601. License requirement; exceptions
§ 6.2-2603. Application for license; form; content; fee
§ 6.2-2605. Investigation of applications
§ 6.2-2607. Licenses; place of business; changes; renewal
§ 6.2-2608. Retention of records; responding to the Bureau
§ 6.2-2609. Acquisition of control; application
§ 6.2-2610. Prohibited activities; compliance with federal laws and regulations
§ 6.2-2611. Affirmative acts required of qualified education loan servicers
§ 6.2-2612. Reporting requirements
§ 6.2-2613. Investigations; examinations
§ 6.2-2615. Suspension or revocation of license
§ 6.2-2616. Notice of proposed suspension or revocation
§ 6.2-2617. Cease and desist orders
§ 6.2-2619. Private cause of action
§ 6.2-2620. Investigating and restraining prohibited acts
§ 6.2-2621. Violation of the Virginia Consumer Protection Act