Common use of Notification to Affected Consumers Clause in Contracts

Notification to Affected Consumers. a. PEAKS will give the Servicer advance notice of the Effective Date by advising the Servicer when the first court filing has been made with respect to the Consent Order (such date, the “Advance Notice Date”). PEAKS will notify the Servicer of the date of filing of the Consent Order. Immediately upon receiving the approved Consent Order, PEAKS shall provide the approved Consent Order to the Servicer. All notices to be delivered to the Servicer under this subsection will be delivered by email to the attention of Xxxxx Xxxxxxx (xxxxx@xxxxxxx.xxx) and Xxxxxxxxx Xxxxxxx (xxxxxxxx@xxxxxxx.xxx). b. The Servicer will identify the Affected Consumers and Affected Loans, by conducting a query against the servicing system of record that will output a list of Program accounts with balances greater than zero on the Effective Date. c. The Servicer will prepare a list of all Affected Consumers, which, for each Affected Consumer, will set forth his/her name, corresponding unique identifying loan number(s), last known contact information (mailing address, email address and telephone number), and Affected Loan balance(s) on the day prior to the Effective Date (broken down among principal, interest, fees and any other amount due and owing). The Servicer will identify mailing addresses for the Affected Consumers by locating the most recently available postal address contained in the Servicer’s system of record for each Affected Consumer. d. Within 30 days after the Effective Date, the Servicer will send to each Affected Consumer, by first class U.S. mail, the Notice, consisting of (i) a copy of the Notice to Affected Consumers of Discontinuance of Billing and Collection, in the form of Exhibit A hereto, and (ii) an account statement reflecting an updated balance of $0 for each of the Affected Consumer’s Affected Loans, in the form of the sample Form of Zero Balance Account Statement attached hereto as Exhibit B. The account statements may be used by the Affected Consumers as verification that no further payment is due with respect to the Affected Loans. e. If any Notice sent pursuant to Section II.d above is returned as undeliverable, the Servicer, within 30 days of receiving the returned Notice, will use commercially reasonable efforts to obtain the Affected Consumer’s updated mailing address, and, if successful, then will re-send the Notice, containing the materials outlined in Section II.d above, to the Affected Consumer. The commercially reasonable efforts will include: (i) using a commercial skip tracing service to obtain an updated address for the Affected Consumer; (ii) sending an email to the Affected Consumer’s email address on file and requesting an updated mailing address; and (iii) calling the Affected Consumer using his/her telephone number(s) on file, verifying his/her identity, and requesting an updated mailing address. Assuming the foregoing yields new mailing address information, the Servicer will make up to three attempted deliveries of the Notice to each Affected Consumer. f. The Servicer will prepare a list of all Affected Consumers whose Notices, after commercially reasonable efforts, were undeliverable, including, for each such Affected Consumer, his/her name and last known mailing address, email address and telephone number.