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<section article="gfi" article_name="Financial Institutions" number="12-1102" title_number="12" title_name="Miscellaneous Institutions and Activities" subtitle_number="11" subtitle_name="Student Financing Companies">
  <level label="a">
    <text>Beginning March 15, 2024, a student financing company shall register with the Commissioner as a student financing company before providing services in the State.</text>
  </level>
  <level label="b">
    <text>An application for registration shall include:</text>
    <level label="1">
      <text>The student financing company’s name;</text>
    </level>
    <level label="2">
      <text>The student financing company’s address;</text>
    </level>
    <level label="3">
      <text>The name of all officers, directors, partners, and owners of controlling interests of the student financing company;</text>
    </level>
    <level label="4">
      <text>The addresses of all officers, directors, partners, and owners of controlling interests in the student financing company; and</text>
    </level>
    <level label="5">
      <text>Any other information that the Commissioner requires by regulation.</text>
    </level>
  </level>
  <level label="c">
    <text>A student financing company shall renew its registration on an annual basis, and may be required to pay a fee at the time of renewal.</text>
  </level>
  <level label="d">
    <text>The Commissioner may adopt and enforce:</text>
    <level label="1">
      <text>Registration procedures for student financing companies, which may include the use of NMLS;</text>
    </level>
    <level label="2">
      <text>Registration fees for student financing companies, which may include fees for the use of NMLS, to be paid directly by the student financing company;</text>
    </level>
    <level label="3">
      <text>Procedures and fees for renewing a student financing company’s registration, which may include fees for the renewed use of NMLS, to be paid directly by the student financing company; and</text>
    </level>
    <level label="4">
      <text>Alternate registration procedures and fees for institutions of postsecondary education that offer student financing products.</text>
    </level>
  </level>
</section>
