C933EAE489027FE3872582820077D5FB Hearing Summary

Senator Fenberg, sponsor, explained House Bill 18-1415, concerning the regulation of student loan servicers.  He discussed that student debt is hitting a crisis point.

Charlotte Olena, representing New Era Colorado, testified in favor of the measure.  She discussed the existing gap in oversight and licensing for student loan processors.  She distributed a handout about the effects of student loan debt on veterans (Attachment P). 

Samantha Saccomanno, representing the Bell Policy Center, spoke in support of the bill.  She discussed how loans impact economic mobility.

Karen Cody-Hopkins, representing Cody Hopkins Law, spoke in support of the bill.  She explained the state's involvement with student loans and clarified that the state does not regulate loan service providers.

Dylan Robinson-Ruet, representing himself as a student at CU Boulder, spoke in favor of the bill.  He discussed the need for student loan servicers to play by the same rules. 

Ross Talley, representing himself, testified in support of the bill.  He spoke about predatory lenders. 

Elliot Ferrell-Carretey, representing himself as a student at Rocky Mountain School of Expedentiary Learning, testified in support of the bill. He expressed concerns that student loan servicers are not following rules.

Theodore Cole, representing himself, spoke in support of the bill.  He discussed student loans.

Sarah Mercer, representing Nelnet, spoke in opposition to the bill.  She noted that student loan servicers are sympathetic to the issue and provided statistics regarding resolutions and defaults.  She answered questions from the committee about student loan origination agencies, loan transfers, licensing, and other state regulatory schemes. 

Senator Fenberg made closing remarks about the bill.  He emphasized the costs of higher education and the lack of federal oversight for student loan servicers. 

Senator Marble announced that the committee will take action on bills heard earlier in the meeting, including HB18-1368, HB18-1318, and HB18-1403.