California DBO Requests Information From Student Loan Servicers

California DBO Engages With Unlicensed Student Loan Servicers
– CFSC eBulletin

Manatt’s Craig Miller, co-chair of the firm’s financial services group, posted on CFSC eBulletin to discuss unlicensed student loan servicers.

The California Student Loan Servicing Act of 2016 requires student loan servicers to obtain a license in order to operate, and the publication noted that the Department of Business Oversight requested information from 12 student loan servicers to determine why they have not obtained a license.

“Coupled with the DBO now accepting complaints against online student loan servicers under the Act, the DBO is clearly focusing its efforts more closely on student loan servicers in an effort to protect underlying borrowers,” wrote Miller.

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