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SB19-002

Regulate Student Education Loan Servicers

Concerning the regulation of student education loan servicers.
Session:
2019 Regular Session
Subject:
Financial Services & Commerce
Bill Summary

The bill requires an entity that services a student education loan to be licensed by the administrator of the "Uniform Consumer Credit Code". "Servicing" means receiving a scheduled periodic payment from a student loan borrower, applying the payments of principal and interest with respect to the amounts received from a student loan borrower, and similar administrative services. The bill also creates a student loan ombudsperson to provide timely assistance to student loan borrowers.
(Note: This summary applies to this bill as introduced.)

Status

Introduced
Under Consideration

Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Sen. S. Fenberg, Sen. F. Winter

Sponsor

Co-sponsor

Upcoming Schedule