OAR 441-895-0030: Renewal of Student Loan Servicer License

(1) A student loan servicer license shall expire on December 31 of each calendar year. At least 30 days prior to the expiration of a student loan servicer license, the student loan servicer shall submit a renewal request for the license to the director through the NMLS and shall: (a) Complete a renewal request with an attestation that the records are true and accurate; and (b) Pay any applicable renewal fees prescribed under OAR 441-895-0040. (2) A student loan servicer seeking to renew its license shall each calendar year: (a) Submit, or confirm, through the NMLS a corporate surety bond meeting the specified amounts under OAR 441-895-0045; or (b) File or have on file with the director an irrevocable letter of credit which meets the amounts under 441-895-0040. (3) If a student loan servicer submits an application for renewal which is incomplete in any respect, the director shall notify the student loan servicer of the deficiencies on the application. The student loan servicer shall have 30 days from the date of the notice or the end of the renewal period, whichever occurs last, to complete the application for renewal. If the student loan servicer fails to complete the application for renewal, and the license shall be terminated on the expiration date by reason of failure to renew.