On July 1st, 2018, the California Student Loan Servicing Act comes in to effect licensing financial professionals that service student loans. Per the statute the Act will "prohibit a person from engaging in the business of servicing a student loan in this state, directly or indirectly, without a license, unless exempt from the licensing requirement, and would require compliance with reporting, auditing, and other oversight by the Commissioner of Business Oversight.The applicant must provide a California student loan servicer surety bond and sign the application under penalty of perjury. The law imposes on each licensee administrative duties. He or she must file reports with the Commissioner under oath, pay to the Commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of these provisions, as estimated by the Commissioner. The law requires an applicant applying for a license to complete a formal application, pay an application fee (one hundred dollars ($100) as a fee for investigating the application, plus the cost of fingerprint processing and the criminal history record check, and three hundred dollars ($300) as an application fee.
Section 28142 of the state code states that:
The California Department of Business Oversight is the licensing and regulatory authority over student loan servicers. Applications and inquires may be directed to:
DBO MAIN OFFICE
1515 K Street, Suite 200, Sacramento, CA 95814-4052
California surety BOND leader, Surety One, Inc. is a specialist in the bonding needs of the financial services sector. We offer both the surety and fidelity bonds needed by these professionals in ALL fifty states, Puerto Rico and the U.S. Virgin Islands. Call (800) 373-2804, or email us at Underwriting@SuretyOne.com for a student loan servicer application or information on ANY bonding need. También recuerden que nuestra asesoría está disponible en SU idioma.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.