Section 5. (a) If a person licensed as a student loan servicer under subsection (e) of section 2 intends to operate at any place in addition to the address on the license or plans to change the location of its place of business, the licensee shall: (i) notify the commissioner, in writing, not less than 30 days before doing so; and (ii) shall pay a fee for each additional location at a reasonable cost as determined by the commission. Such notice shall contain the address of any additional or changed location and such other information required by the commissioner. A student loan servicer license shall not be transferable or assignable.

(b) A student loan servicer shall maintain adequate records of each student loan transaction for not less than 2 years following the final payment on the student loan or the assignment of the student loan, whichever occurs first, or except as otherwise required by federal law or a contract with the United States Secretary of Education under 20 U.S.C. § 1087f. The commissioner may request these records from a student loan servicer and the servicer shall comply with the request not later than 5 business days after the request is received. The commissioner may, upon request, grant a student loan servicer additional time to make such records available.