Regulate Student Education Loan Servicers

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.

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)