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Legal Resources | Title 5 |  T5  30904  

Transmittal of Manifest and Fees, and Cancellation of Non-Disbursed Loan Guarantees by the Commission.   

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Lenders shall submit to the California Student Aid Commission, or its designee, a manifest of loan transactions (i.e. disbursements, cancellations and any other transactions) within 45 calendar days of the date a loan transaction occurs or the lender learns of the transaction. Insurance premium fees shall be submitted to the Commission along with the manifest for all loans recorded as disbursements on the manifest or shall be submitted to the Commission within 30 calendar days of the date an insurance premium fee billing is sent to the lender. A loan which remains in a guaranteed, but non-disbursed status on the Commission's data base for more than 150 calendar days after the anticipated disbursement date shall have its guarantee canceled by the Commission. If such a loan had actually been disbursed, the lender may request reinstatement of the guarantee by providing the Commission with a written request for reinstatement including an explanation of the reason for the loan's non-disbursed status, a manifest and the appropriate insurance premium fee. This request shall be postmarked or received within 60 days of the date of the cancellation notification.

Authority cited:

Education Code 69763

Reference:

Higher Education Act of 1965, 428(b)(1)(H)

(Added by Register 97, No. 26.)