17:16ZZ-7 Maintenance, availability of records.
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/nj/17-47A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
7. a. Except as otherwise required pursuant to federal law, a federal student education loan agreement, or a contract between the federal government and a licensee, each student loan servicer licensee and persons exempt from licensure pursuant to paragraph
(2)of subsection a. of section 4 of this act shall maintain adequate records of each student education loan transaction for not less than two years following the final payment on that student education loan or the assignment of that student education loan, whichever occurs first.
b. If requested by the commissioner, each student loan servicer shall make records available or send records to the commissioner by registered or certified mail, return receipt requested, or by any express delivery carrier that provides a dated delivery receipt, not later than five business days after requested by the commissioner to do so. Upon request, the commissioner may grant a licensee additional time to make records available or send the records to the commissioner.
L.2019, c.200, s.7.