Business

D.C. to Begin Implementation of Annual Report Requirement for Student Loan Servicers

By Keith MontgomeryMay 6, 2019
 


On April 29, 2019 the Department of Insurance, Securities and Banking (DISB) of the Government of the District of Columbia issued Bulletin 19-BB-02-04/29 which applies to licensed student loan servicers servicing student education loans in D.C.

After a series of revisions to the original Student Loan Ombudsman Establishment and Servicing Regulation Amendment Act of 2016, the requirement to file a 2018 annual report has stood and is being implemented this year by the DISB.  The 2018 annual report will be due at a date to be determined and annual reports in future years will be due on January 30th.  The licensee is “only required to provide information on the licensee’s non-federally owned loans.”  Failure to file the required annual report shall constitute a violation and may preclude the licensee from servicing non-federally owned loans in the District.

Cornerstone Support reached out to the DISB for further instruction on how to file the 2018 annual report and learned the following:

  • The division is currently working on the 2018 annual report itself, and no student loan servicers have received it yet to complete.
  • The report “should be” ready in a month, and will be sent to the company contact listed in NMLS. The report will also be listed on the DISB website.  Cornerstone will continue to monitor when the form becomes available.
  • No one will be assessed a late penalty fee for being past the date of 1/30/2019.  Once the 2018 annual report is complete, a due date will be specified.

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