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Nj Enacts Licensing as well as other Needs for Student Loan Servicers

Licensing requirement.

Regulations forbids anyone from acting as being education loan servicer, straight or indirectly, without getting a permit through the Commissioner of Banking and Insurance (Commissioner). Regulations exempts the next entities from certification: federal- or state-chartered banking institutions and credit unions, their wholly-owned subsidiaries, and any running subsidiary where each owner associated with the subsidiary is wholly-owned by the bank that is same credit union. Permit applications can be filed through the Nationwide Mortgage Licensing System and Registry.

What the law states describes servicing as participating in a number of associated with after activities:

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