Student Loan Servicers – Application Process
How do I apply for a Student Loan Servicer License?
All license applications are filed electronically through the NMLS System. Please refer to the New Application Checklist posted on the NMLS Resource Center.
All stockholders, principal officers and directors must have a background check. This includes obtaining criminal history information from the Department of Justice and conducting civil court checks for previous involvement in fraud, embezzlement, or misappropriation of property.
Additionally, the DFPI requires all applicants to submit a $100 investigation fee and a $300 application fee. Applicants for a company license must pay all fees through NMLS. Fees may be paid by credit card or ACH transfer. All fees are paid through NMLS and are not refundable.
All information is expected to be submitted through the NMLS system except for finger prints.
How do I obtain a license for a branch office?
Each licensee who desires to engage in business at an additional location (branch office) must submit Form MU3 through the NMLS at least 10 days prior to engaging in business at the new location and submit a $100 investigation fee and a $300 application fee. Applicants for a branch license must pay all fees through NMLS.
How do I amend Student Loan Servicing License or Branch Office License under the Student Loan Servicing Act?
All amendments must be filed through NMLS by amending Form MU1. If there is a change of control or ownership, each individual must also file Form MU2. See the CA DFPI Student Loan Servicing Company Amendment Checklist for full details. There are no fees for company amendments.
All amendments must be filed through NMLS by amending Form MU3. Additionally, a change of Branch Manager Disclosure Question(s) requires filing through the Form MU1 in NMLS. There are no fees for branch amendments.
See the CA DFPI Student Loan Servicing Branch Amendment Checklist for full details
How do I surrender a Student Loan Servicing License or Branch Office License?
Licensees must notify the Department through NMLS that they intend to surrender a SLS Company license or Branch Office license. Submit any Dissolution Plan and Closing Audit documents as required per the surrender checklist through secure email at StudentLoanServicing@dfpi.ca.gov. The commissioner shall give a licensee notice of accepting a surrendered license, and a license shall not be deemed surrendered until the commissioner accepts its tender in writing.
For full details see the CA DFPI Student Loan Servicing Company Surrender Checklist or
CA DFPI Student Loan Servicing Branch Surrender Checklist.
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Approved by Melinda Lee 6/2019