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2. Officers, directors, and principal employees of the applicant.
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3. Each individual shareholder, member, or partner who directly or indirectly
25controls 10 percent or more of the ownership interests of the applicant.
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1(c) A nonrefundable license fee of $1,000.
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(d) A nonrefundable investigation fee of $800.
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3(4) Upon the filing of an application for an initial license and the payment of
4the fees for licensing and investigation under sub. (3), the office shall investigate the
5financial condition and responsibility, financial and business experience, character,
6and general fitness of the applicant. The office may conduct criminal history
7background checks of the applicant and of each partner, member, officer, director,
8and principal employee of the applicant. The office may issue a license if the office
9finds all of the following to be true:
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(a) The applicant's financial condition is sound.
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(b) The applicant's business will be conducted honestly, fairly, equitably,
12carefully, and efficiently within the purposes and intent of this subchapter and in a
13manner commanding the confidence and trust of the community.
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(c) No person on behalf of the applicant has knowingly made an incorrect
15statement of a material fact in the application or in any report or statement made
16under this subchapter.
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(d) The applicant has met any other requirements as determined by the office.
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18(5) A license issued under this section expires at the close of business on
19September 30 of the odd-numbered year following its issuance, unless renewed or
20earlier surrendered, suspended, or revoked. No later than 15 days after a licensee
21ceases to engage in the business of student education loan servicing in this state for
22any reason, including a business decision to terminate operations in this state,
23license revocation, bankruptcy, or voluntary dissolution, the licensee shall provide
24written notice of surrender to the office and shall surrender to the office its license
25for each location in which the licensee has ceased to engage in such business. The
1written notice of surrender shall identify the location where the records of the
2licensee will be stored and the name, address, and telephone number of an individual
3authorized to provide access to the records. The surrender of a license does not
4reduce or eliminate the licensee's civil or criminal liability arising from acts or
5omissions occurring prior to the surrender of the license, including any
6administrative actions undertaken by the office.
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7(6) A license issued under this section may be renewed for the ensuing
824-month period upon the filing of an application containing all required documents
9and fees as provided in this section. A renewal application shall be filed on or before
10September 1 of the year in which the license expires. A renewal application filed with
11the office after September 1 that is accompanied by a $100 late fee is considered to
12be timely and sufficient. If an application for a renewal license has been filed with
13the office on or before the date the license expires, the license continues in effect until
14the issuance by the office of the renewal license applied for or until the office has
15notified the licensee in writing of the office's refusal to issue the renewal license
16together with the grounds on which the refusal is based. The office may refuse to
17issue a renewal license on any ground on which the office may refuse to issue an
18initial license.
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19(7) An applicant or licensee under this section shall notify the office, in writing,
20of any change in the information provided in the initial application for a license or
21the most recent renewal application for a license, as applicable, not later than 10
22business days after the occurrence of the event that results in the change.
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23(8) The office may consider an application for a license under this section
24abandoned if the applicant fails to respond to any request for information required
25under this subchapter or any rule promulgated under this subchapter, as long as the
1office notifies the applicant, in writing, that the application will be considered
2abandoned if the applicant fails to submit the information within 60 days after the
3date on which the request for information is made. An application filing fee paid
4prior to the date an application is abandoned under this subsection may not be
5refunded. Abandonment of an application under this subsection does not preclude
6the applicant from submitting a new application for a license under this section.
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7(9) A licensee may not act within this state as a student loan servicer under any
8name or at any place of business other than that identified in the license. A licensee
9may not change the location of the licensee's place of business without prior written
10notice to the office. Not more than one place of business may be maintained under
11the same license, but the office may issue more than one license to a licensee that
12complies with the provisions of this subchapter as to each license. A license is not
13transferable or assignable.
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14(10) (a) A student loan servicer shall maintain adequate records of each
15student education loan transaction. Except as otherwise required by federal law, a
16federal student loan education agreement, or a contract between the federal
17government and the student loan servicer, a student loan servicer shall maintain
18these records for not less than 2 years following the final payment on the student
19education loan or the assignment of the student education loan, whichever occurs
20first.
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(b) Upon request by the office, a student loan servicer shall make the records
22under par. (a) available or shall send these records to the office by registered or
23certified mail, return receipt requested, or by any express delivery carrier that
24provides a dated delivery receipt, not later than 5 business days after requested by
1the office to do so. The office may grant a licensee additional time to make these
2records available or to send the records to the office.
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3(11) (a) The office may suspend, revoke, or refuse to renew a license issued
4under this section if the office finds any of the following:
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1. That the licensee has violated any provision of this subchapter, any rule
6promulgated thereunder, or any lawful order of the office made thereunder.
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2. That any fact or condition exists that, if it had existed at the time of the
8original application for the license, clearly would have warranted a denial of the
9license.
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3. That the licensee made a material misstatement in an application for a
11license or in information furnished to the office.
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4. That the licensee has failed to pay any fee required under this section.
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(b) The office shall suspend a license issued under this section if the office finds
14that the licensee is an individual who fails to comply, after appropriate notice, with
15a subpoena or warrant issued by the department of workforce development or a
16county child support agency under s. 59.53 (5) and related to paternity or child
17support proceedings or who is delinquent in making court-ordered payments of child
18or family support, maintenance, birth expenses, medical expenses, or other expenses
19related to the support of a child or former spouse, as provided in a memorandum of
20understanding entered into under s. 49.857. A licensee whose license is suspended
21under this paragraph is entitled to a notice and hearing only as provided in a
22memorandum of understanding entered into under s. 49.857 and is not entitled to
23any other notice or hearing under this section.
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(c) The office shall revoke a license issued under this section if the department
25of revenue certifies under s. 73.0301 that the licensee is liable for delinquent taxes.
1A licensee whose license is revoked under this paragraph for delinquent taxes is
2entitled to a notice under s. 73.0301 (2) (b) 1. b. and a hearing under s. 73.0301 (5)
3(a) but is not entitled to any other notice or hearing under this section.
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(d) The office shall revoke a license issued under this section if the department
5of workforce development certifies under s. 108.227 that the licensee is liable for
6delinquent unemployment insurance contributions. A licensee whose license is
7revoked under this paragraph for delinquent unemployment insurance
8contributions is entitled to a notice under s. 108.227 (2) (b) 1. b. and a hearing under
9s. 108.227 (5) (a) but is not entitled to any other notice or hearing under this section.
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(e) A person whose license has been suspended, revoked, or refused renewal
11under this subsection may request a hearing under s. 227.44 within 30 days after the
12date of suspension, revocation, or refusal. The office may appoint a hearing examiner
13under s. 227.46 to conduct the hearing. This paragraph does not apply to a
14suspension or revocation under pars. (b) to (d).
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(f) An abatement of the license fee may not be made if the license is suspended
16or revoked under this subsection or surrendered in connection with a suspension or
17revocation proceeding.
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18(12) All fees received by the office under this section shall be credited to the
19appropriation account under s. 20.144 (1) (g).
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20224.106 Student loan servicers.
(1) In this section, “nonconforming
21payment" means a payment on a student education loan that is different from the
22required payment.
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23(2) (a) Except as otherwise provided in federal law, a federal student education
24loan agreement, or a contract between the federal government and a student loan
1servicer, a student loan servicer shall comply with the requirements of this
2subsection.