                                 CODE OF VIRGINIA

RETENTION OF RECORDS; RESPONDING TO THE BUREAU (§ 6.2-2608)

A. Each licensee shall maintain in its principal place of business such books,
accounts, and records as the Commissioner may reasonably require in order to
determine whether such person is complying with the provisions of this chapter
and other laws applicable to the conduct of its business. Such books, accounts,
and records shall be maintained apart and separate from any other business in
which the qualified education loan servicer is involved. Each licensee shall
maintain adequate records of each qualified education loan transaction for at
least three years after final payment is made on such loan or the assignment of
such qualified education loan, whichever occurs first.

B. To safeguard the privacy of qualified education loan borrowers, records
containing personal financial information shall be shredded, incinerated, or
otherwise disposed of by a licensee in a secure manner. Licensees may arrange
for the shredding, incineration, or other disposal of the records from a
business record destruction vendor.

C. When the Bureau requests a written response, books, records, documentation,
or other information from a licensee in connection with the Bureau&#8217;s
investigation, enforcement, or examination of compliance with applicable laws,
the licensee shall deliver a written response as well as any requested books,
records, documentation, or information within the time period specified in the
Bureau&#8217;s request. If no time period is specified, a written response as
well as any requested books, records, documentation, or information shall be
delivered by the licensee to the Bureau not later than 30 days from the date of
such request. In determining the specified time period for responding to the
Bureau and when considering a request for an extension of time to respond, the
Bureau shall take into consideration the volume and complexity of the requested
written response, books, records, documentation, or information and such other
factors as the Bureau determines to be relevant under the circumstances.

HISTORY: 2020, cc. 1198, 1250.