LAC 19:VII.7219. Procedure for Making Claim for Reimbursement of Loss

A. At the time a lender charges off all or part of an enrolled loan as a result of a default by the borrower, the lender may make a claim for reimbursement for all or part of the loss incurred by notifying LEDC of the claim in writing on a form provided by LEDC within three calendar months of the date a loss has occurred with respect to the enrolled loan. B. A lender may make a claim for reimbursement of a loss prior to the liquidation of collateral, or to realization on personal or their financial guarantees or from other sources, subject however to the provision in §7223 on recoveries on loans subsequent to payment of claims. C. The lender shall retain documentation in its files substantiating all claims.