§ 722. Examinations. 1. The superintendent may at any time, and as
often as he or she may determine, either personally or by a person duly
designated by the superintendent, investigate the business and examine
the books, accounts, records, and files used therein of every student
loan servicer. For that purpose the superintendent and his or her duly
designated representative shall have free access to the offices and
places of business, books, accounts, papers, records, files, safes and
vaults of all such servicers. The superintendent and any person duly
designated by him or her shall have authority to require the attendance
of and to examine under oath all persons whose testimony he or she may
require relative to such business.

2. No person subject to investigation or examination under this
section may knowingly withhold, abstract, remove, mutilate, destroy or
secrete any books, records, computer records or other information.

3. The expenses incurred in making any examination pursuant to this
section shall be assessed against and paid by the student loan servicer
so examined, except that travelling and subsistence expenses so incurred
shall be charged against and paid by servicers in such proportions as
the superintendent shall deem just and reasonable, and such
proportionate charges shall be added to the assessment of the other
expenses incurred upon each examination. Upon written notice by the
superintendent of the total amount of such assessment, the servicer
shall become liable for and shall pay such assessment to the
superintendent.

4. In any hearing in which a department employee acting under
authority of this chapter is available for cross-examination, any
official written report, worksheet, other related papers, or duly
certified copy thereof, compiled, prepared, drafted, or otherwise made
by said department employee, after being duly authenticated by said
employee, may be admitted as competent evidence upon the oath of said
employee that said worksheet, investigative report, or other related
documents were prepared as a result of an examination of the books and
records of a servicer or other person, conducted pursuant to the
authority of this chapter.

5. Unless it is an exempt organization, affiliates of a student loan
servicer are subject to examination by the superintendent on the same
terms as the servicer, but only when reports from, or examination of, a
servicer provides evidence of unlawful activity between a servicer and
affiliate benefitting, affecting, or arising from the activities
regulated by this article.

6. This section shall not apply to exempt organizations. To the extent
the superintendent is authorized by any other law to make an examination
into the affairs of any exempt organization, this subdivision shall not
be construed to limit in any way the superintendent's authority,
regarding the subjects of such an examination, or otherwise.