Sallie Mae 2008 Annual Report Download - page 12

REGULATION
Like other participants in the FFELP, the Company is subject to the HEA and, from time to time, to
review of its student loan operations by ED and guarantee agencies. As a servicer of federal student loans, the
Company is subject to certain ED regulations regarding financial responsibility and administrative capability
that govern all third-party servicers of insured student loans. In connection with our guarantor servicing
operations, the Company must comply with, on behalf of its guarantor servicing customers, certain ED
regulations that govern guarantor activities as well as agreements for reimbursement between the Secretary of
Education and the Company’s guarantor servicing customers.
The Company’s originating or servicing of federal and private student loans also subjects it to federal and
state consumer protection, privacy and related laws and regulations. Some of the more significant federal laws
and regulations that are applicable to our student loan business include:
• the Truth-In-Lending Act;
• the Fair Credit Reporting Act;
• the Equal Credit Opportunity Act;
• the Gramm-Leach Bliley Act; and
• the U.S. Bankruptcy Code.
APG’s debt collection and receivables management activities are subject to federal and state consumer
protection, privacy and related laws and regulations. Some of the more significant federal laws and regulations
that are applicable to our APG business segment include:
• the Fair Debt Collection Practices Act;
• the Fair Credit Reporting Act;
• the Gramm-Leach-Bliley Act; and
• the U.S. Bankruptcy Code.
Our APG business segment is subject to state laws and regulations similar to the federal laws and
regulations listed above. Finally, certain APG subsidiaries are subject to regulation under the HEA and under
the various laws and regulations that govern government contractors.
Sallie Mae Bank is subject to Utah banking regulations as well as regulations issued by the Federal
Deposit Insurance Corporation, and undergoes periodic regulatory examinations.
UII and UIA, which administer 529 college-savings plans, are subject to regulation by the Municipal
Securities Rulemaking Board, the Financial Industry Regulatory Authority (formerly the National Association
of Securities Dealers, Inc.) and the Securities and Exchange Commission (“SEC”) through the Investment
Advisers Act of 1940.
AVAILABLE INFORMATION
The SEC maintains an Internet site (http://www. sec.gov) that contains periodic and other reports such as
annual, quarterly and current reports on Forms 10-K, 10-Q and 8-K, respectively, as well as proxy and
information statements regarding SLM Corporation and other companies that file electronically with the SEC.
Copies of our annual reports on Form 10-K, quarterly reports on Form 10-Q and other periodic reports are
available on our website as soon as reasonably practicable after we electronically file such reports with the
SEC. Investors and other interested parties can also access these reports at www.salliemae.com/about/investors.
Our Code of Business Conduct, which applies to Board members and all employees, including our Chief
Executive Officer and Chief Financial Officer, is also available, free of charge, on our website at
www.salliemae.com/about/business_code. htm. We intend to disclose any amendments to or waivers from our
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