§682.702. Effect on participation.
34 C.F.R. § 682.702
Limitation, suspension, or termination proceedings by the Secretary do not affect a lender's responsibilities or rights to benefits and claim payments that are based on the lender's prior participation in the program, except as provided in § 682.709.
A limitation imposes on a lender—
A limit on the number or total amount of loans that a lender may purchase or hold under the FFEL Program; or
Other reasonable requirements or conditions, including those described in § 682.709.
A limitation imposes on a third-party servicer—
A limit on the number of loans or accounts or total amount of loans that the servicer may service;
A limit on the number of loans or accounts or total amount of loans that the servicer is administering under its contract with a lender or guaranty agency; or
Other reasonable requirements or conditions, including those described in § 682.709.
Notes, amendments, and revision history
Amendments
[57 FR 60323, Dec. 18, 1992, as amended at 59 FR 22457, Apr. 29, 1994; 78 FR 65822, Nov. 1, 2013]
Authority
Authority: 20 U.S.C. 1071—1087-2, 1078-6(a)(5).
Source
Source: 57 FR 60323, Dec. 18, 1992, unless otherwise noted.
Amendments
[57 FR 60323, Dec. 18, 1992, as amended at 59 FR 22457, Apr. 29, 1994; 78 FR 65822, Nov. 1, 2013]