Mich. Admin. Code R. 390.1413 - Records and reports of lenders

Rule 13.

(1) A lender shall keep such records as may be necessary and as the authority and the law and regulations may require and shall afford access to the records, at any reasonable time, to the authority or the secretary, to assure accuracy and to verify reports and records.

(2) A lender shall maintain complete and accurate records of all educational loan accounts reflecting each transaction, ready identification of each borrower's account, and account status. The records shall contain full and proper documentation to support claims for losses.

(3) A lender shall retain all records pertaining to each applicant to whom an educational loan has been disbursed until the secretary has no further need for such records, but for not less than 60 months after the date the loan is paid in full or has been defaulted and the lender has been reimbursed by the authority. Records retained by the lender may be stored on microform or in computer format. The holder of a promissory note, however, shall retain the actual note until returned to the borrower upon payment in full, after which the lender shall retain a copy of the note for not less than 60 months.

Notes

Mich. Admin. Code R. 390.1413

1979 AC; 1984 AACS; 1990 AACS