[Code of Federal Regulations]
[Title 34, Volume 3]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 34CFR682.515]

[Page 791]
 
                           TITLE 34--EDUCATION
 
                         DEPARTMENT OF EDUCATION
 
PART 682--FEDERAL FAMILY EDUCATION LOAN (FFEL) PROGRAM--Table of Contents
 
           Subpart E--Federal Guaranteed Student Loan Programs
 
Sec. 682.515  Records, reports, and inspection requirements for Federal GSL program lenders.

    (a) Records. (1) A lender shall maintain current, complete, and 
accurate records of each loan that it holds, including, but not limited 
to, the records described in Sec. 682.414(a)(3)(ii). The records must be 
maintained in a system that allows ready identification of each loan's 
current status.
    (2) A lender shall retain the records required for each loan for not 
less than five years following the date the loan is repaid in full by 
the borrower or the lender is reimbursed on a claim. However, in 
particular cases the Secretary may require the retention of records 
beyond this minimum period.
    (3)(i) The lender may store the records specified in 
Sec. 682.414(a)(3)(ii)(C)-(K) on microfilm, optical disk, or other 
machine readable format.
    (ii) The holder of the promissory note shall retain the original 
note and repayment instrument until the loan is fully repaid. At that 
time the holder shall return the original note and repayment instrument 
to the borrower and retain copies for the prescribed period.
    (iii) The lender shall retain the original or a copy of the loan 
application.
    (b) Reports. A lender shall submit reports to the Secretary at the 
time and in the manner that the Secretary reasonably may require.
    (c) Inspections. Upon request, a lender or its agent shall cooperate 
with the Secretary, the Department's Office of the Inspector General, 
and the Comptroller General of the United States, or their authorized 
representatives, in the conduct of audits, investigations, and program 
reviews. This cooperation must include--
    (1) Providing timely access for examination and copying to the 
records (including computerized records) required by applicable 
regulations and to any other pertinent books, documents, papers, 
computer programs, and records; and
    (2) Providing reasonable access to lender personnel associated with 
the lender's administration of the Title IV, HEA programs for the 
purpose of obtaining relevant information. In providing reasonable 
access, the institution may not--
    (i) Refuse to supply any relevant information;
    (ii) Refuse to permit interviews with those personnel that do not 
include the presence of representatives of the lender's management; and
    (iii) Refuse to permit personnel interviews with those personnel 
that are not recorded by the lender.

(Approved by the Office of Management and Budget under control number 
1845-0020)

(Authority: 20 U.S.C. 1077, 1078-1, 1078-2, 1078-3, 1079, 1080, 1082)

[57 FR 60323, Dec. 18, 1992, as amended at 58 FR 9120, Feb. 19, 1993; 64 
FR 58965, Nov. 1, 1999]