[Code of Federal Regulations]

[Title 34, Volume 3]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 34CFR682.203]



[Page 645]

 

                           TITLE 34--EDUCATION

 

 CHAPTER VI--OFFICE OF POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION

 

PART 682_FEDERAL FAMILY EDUCATION LOAN (FFEL) PROGRAM--Table of Contents

 

                      Subpart B_General Provisions

 

Sec. 682.203  Responsible parties.



    (a) Delegation of functions. A school, lender, or guaranty agency 

may contract or otherwise delegate the performance of its functions 

under the Act and this part to a servicing agency or other party. This 

contracting or other delegation of functions does not relieve the 

school, lender, or guaranty agency of its duty to comply with the 

requirements of the Act and this part.

    (b) Trustee responsibility. A lender that holds a loan in its 

capacity as a trustee assumes responsibility for complying with all 

statutory and regulatory requirements imposed on any other holders of a 

loan.



(Authority: 20 U.S.C. 1082)