California Civil Code

§ 1788.102

CIV § 1788.102 Effective Jan 1, 2022Div. 3 · Title 1.6C.10 · Part 4 · Ch. 2

Statute text

Except to the extent that this section is inconsistent with any provision of federal law or regulation, and then only to the extent of the inconsistency, a student loan servicer shall do all of the following:

(a)Post and process student loan payments in a timely manner pursuant to the servicer’s established payment processing policies that shall be disclosed to and readily accessible by borrowers and credit student loan payments in a timely manner in accordance with the following:

(1)A payment received on or before 11:59 p.m. on the date on which that payment is due, in the amount, manner, and location indicated by the person engaged in student loan servicing, shall be credited as effective on the date on which the payment was received by the person engaged in student loan servicing in this state. A person engaged in student loan servicing in this state shall treat a payment received from the borrower on the borrower’s due date as an “on-time” payment.

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Legislative history

Amended by Stats. 2021, Ch. 124, Sec. 5. (AB 938) Effective January 1, 2022.