(a)  Each student loan servicer shall maintain complete records of each student education loan transaction, including recordings of communications with borrowers, for not less than two (2) years following the final payment on such student education loan or the assignment of such student education loan, whichever occurs first, or any longer period as may be required by any other provision of the general or public laws.

Terms Used In Rhode Island General Laws 19-33-6

  • Department: means the department of business regulation, division of banking. See Rhode Island General Laws 19-33-2
  • Student education loan: means any loan made to a student loan borrower primarily for personal use to finance postsecondary education or other school-related expenses, and does not include an extension of credit under an open-end consumer credit plan, a reverse mortgage transaction, a residential mortgage transaction, or any other loan that is secured by real property or a dwelling. See Rhode Island General Laws 19-33-2
  • Student loan servicer: means any person or entity who or that engages in student loan servicing as defined in this chapter. See Rhode Island General Laws 19-33-2

(b)  If requested by the division of banking, each student loan servicer shall make all records available, not later than five (5) business days after requested. Upon request, the department may grant a student loan servicer additional time to make these records available.

History of Section.
P.L. 2019, ch. 199, § 1; P.L. 2019, ch. 265, § 1.