§ 712. Application for a student loan servicer license; fees.
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§ 712. Application for a student loan servicer license; fees. 1. The
application for a license to engage in the business of servicing student
loans shall be in writing, under oath, and in the form prescribed by the
superintendent. Notwithstanding article three of the state technology
law or any other law to the contrary, the superintendent may require
that an application for a license or any other submission or application
for approval as may be required by this article be made or executed by
electronic means if he or she deems it necessary to ensure the efficient
and effective administration of this article. The application shall
include a description of the activities of the applicant, in such detail
and for such periods as the superintendent may require; including:
(a)an affirmation of financial solvency noting such capitalization
requirements as may be required by the superintendent, and access to
such credit as may be required by the superintendent;
(b)a financial statement prepared by a certified public accountant,
the accuracy of which is sworn to under oath before a notary public by
an officer or other representative of the applicant who is authorized to
execute such documents;
(c)an affirmation that the applicant, or its members, officers,
partners, directors and principals as may be appropriate, are at least
twenty-one years of age;
(d)information as to the character, fitness, financial and business
responsibility, background and experiences of the applicant, or its
members, officers, partners, directors and principals as may be
appropriate;
(e)any additional detail or information required by the
superintendent.
2. An application to become a licensed student loan servicer or any
application with respect to a student loan servicer shall be
accomplished by a fee as prescribed pursuant to section eighteen-a of
this chapter.