Third Party Servicer Data Collection Notice
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The Third Party Servicer Data Collection Notice is a legal document issued by the Department of Education that seeks to collect and review data on third-party servicers in relation to Title IV programs. This includes a reinstatement and modification of a prior information collection request, aiming to improve oversight and compliance with federal regulations. Comments from the public are invited to evaluate the necessity and efficiency of the data collection process.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Reinstatement of previously approved information collection
- Enhancements to improve oversight and compliance
- Public comments invited on data collection process
Obligations
What this law requires
Third-party servicers must submit the Third-Party Servicer Data Inquiry form (OMB Control Number 1845-0130) to provide information required by the Department of Education
Institutions of higher education must accurately report third-party servicer information to the Department of Education
Third-party servicers must comply with annual audit requirements as monitored and enforced by the Department of Education
Third-party servicers must maintain the highest standard of care and diligence in their administration of Title IV programs as required under 34 CFR 668.2
Third-party servicers must identify and report any other persons or organizations that contract with them to assist with any aspect of Title IV program administration