| (a) Denial. The Board may deny an application for a
license if it receives information from an administering entity that
the applicant has defaulted on a student loan or has breached a student
loan repayment contract by failing to perform his or her service obligation
under the contract. The Board may rescind a denial under this subsection
upon receipt of information from an administering entity that the
applicant whose application was denied is now in good standing.
(b) Renewal.
(1) The Board shall not renew a license of a licensee
who is in default of a student loan or a repayment agreement except
as provided in paragraph (2) of this subsection.
(2) For a licensee in default of a loan or repayment
agreement, the Board shall renew the license if the licensee presents
to the board a certificate certifying that:
(A) the licensee has entered into a repayment agreement
on the defaulted loan; or
(B) the licensee is not in default on the loan or on
the repayment agreement.
|
