Amended by Stats. 2018, Ch. 379, Sec. 4. (AB 38) Effective January 1, 2019.
(a)The commissioner shall administer the provisions of this division and may promulgate rules and regulations and issue orders consistent with that authority.
(b)Without limitation, the functions, powers, and duties of the commissioner include all of the following:
(1)To issue or refuse to issue a license as provided by this division.
(2)To revoke or suspend for cause any license as provided by this division.
(3)To keep records of licenses issued under this division.
(4)To receive, consider, investigate, and act upon complaints made in connection with a licensee.
(5)To prescribe the forms of and receive (A) applications for licenses and (B) reports, books, and records required to be made by a licensee under this division, including annual audited financial statements.
(6)To subpoena documents and witnesses and compel their attendance and production, to administer oaths, and to require the production of books, papers, or other materials relevant to any inquiry authorized by this division.
(7)To require information with regard to an applicant that the commissioner may deem necessary, with regard for the paramount public
interest in ascertaining the experience, background, honesty, truthfulness, integrity, and competency of an applicant for servicing student loans, and if an applicant is an entity other than an individual, in ascertaining the honesty, truthfulness, integrity, and competency of officers, directors, or managing members of the corporation, association, or other entity, or the general partners of a partnership.
(8)To enforce by order any provision of this division.
(9)To levy fees, fines, and charges in an amount sufficient to cover the cost of the services performed in administering this division.
(10)To appoint examiners, attorneys, supervisors, experts, and special assistants as needed to effectively and efficiently
administer this division.
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