Relating to student loan servicers; declaring an emergency.
Catchline/Summary:
Requires certain persons that service student loans in this state to obtain or renew license. Requires certain persons that service student loans in this state to obtain or renew license. Specifies license application and renewal procedures, required fees and persons that are exempt from requirement.
Prescribes duties of licensee and requires licensee to maintain specified liquidity, operating reserves and tangible net worth. Prescribes duties and prohibitions for any person that services student loan in this state.
Requires Director of Department of Consumer and Business Services to appoint or designate student loan conciliator to respond to and investigate borrower complaints and perform other specified duties.
Prescribes civil penalty against person that violates provisions of Act.
Permits director to participate in multistate examinations under specified circumstances.
Becomes operative July 1, 2022.
Declares emergency, effective on passage.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
Revenue Impact:
May Have Revenue Impact, But No Statement Yet Issued
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