§ 682.702. Effect on participation.
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/us/cfr/t34/s§ 682.702·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Limitation, suspension, or termination proceedings by the Secretary do not affect a lender's responsibilities or rights to benefits and claim payments that are based on the lender's prior participation in the program, except as provided in § 682.709.
(b)A limitation imposes on a lender---
(1)A limit on the number or total amount of loans that a lender may purchase or hold under the FFEL Program; or
(2)Other reasonable requirements or conditions, including those described in § 682.709.
(c)A limitation imposes on a third-party servicer---
(1)A limit on the number of loans or accounts or total amount of loans that the servicer may service;
(2)A limit on the number of loans or accounts or total amount of loans that the servicer is administering under its contract with a lender or guaranty agency; or
(3)Other reasonable requirements or conditions, including those described in § 682.709. (Authority: 20 U.S.C. 1080, 1082, 1085, 1094) \[57 FR 60323, Dec. 18, 1992, as amended at 59 FR 22457, Apr. 29, 1994; 78 FR 65822, Nov. 1, 2013\]
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§ 682.702
Effect on participation.
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