N.Y. Comp. Codes R. & Regs. Tit. 3 § 409.13 - Books and records
(a) Each student loan servicer shall keep and
use in its business such books, accounts, and records as will enable the
superintendent to determine whether such student loan servicer is complying
with the provisions of this article and with the rules and regulations lawfully
made by the superintendent.
(b)
Every student loan servicer shall preserve such books, accounts, and records,
for at least three years or such longer period as may be required by any other
provision of law.
(c) In addition
to the requirements of subdivision (b) of this section, each student loan
servicer shall keep records of each student loan, including at a minimum all
the information listed in paragraph (d)(1) of section
409.8 of this part, and all
communications with borrowers for not less than two years following the final
payment on such student loan or the sale, assignment or other transfer of the
servicing of the student loan to which they relate.
(d) A licensee who surrenders its license
shall remain under the obligations of this section to maintain books, accounts,
and records notwithstanding the surrender.
Notes
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