Sec. 2213.19. Reporting/retention requirements for participating holders

A holder, or an entity servicing a program loan, shall maintain current, complete, and accurate records of each program loan made and held.

(a) The holder or servicing entity shall keep:

(1) the program loan application data and all credit information used to determine borrower eligibility and any other credit-related information submitted by the school;

(2) a copy of the signed promissory note;

(3) the repayment schedule;

(4) any record of disbursements;

(5) the student enrollment status;

(6) the borrower’s and cosigner’s change of address;

(7) information on deferment and forbearance eligibility;

(8) the payment history;

(9) any collection history; and

(10) any other records that verify the validity of a claim.

(b) Such records shall be maintained for not less than seven years after the program loan is paid in full, or a claim is paid by the corporation on the program loan, or a sale of the program loan to another entity. Such records shall be made available for inspection by the corporation, or its agents and, if eligible for purchase by a public benefit corporation, by such public benefit corporation or its agents.

(c) Records, including the promissory note, may be stored in any electronic format but must be retrievable in a coherent format, or as copies of original documents. The application and signed promissory note shall be maintained as originals in either paper or electronic format.

(d) Holders, or an entity servicing the program loan, shall respond promptly to any other requests for information by the corporation with regard to its administration of the program and with respect to program loans sold by such holders to the agency.

(e) The holder or its servicer shall maintain and file reports as directed by the corporation.