- A private education lender shall not:
- Offer any private education loan that is not in conformity with this part 2 or rules or orders of the administrator under this part 2 or that violates any other state or federal law;
- Engage in any unfair, deceptive, or abusive act or practice;
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- Take an assignment of earnings of the borrower or cosigner for payment or as a security for payment of a debt arising out of a private education loan. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings and revocable by the borrower or cosigner.
- A sale of unpaid earnings made in consideration of the payment of money to or for the account of the seller of the earnings is deemed to be a loan to the seller, secured by an assignment of earnings.
- Make, advertise, print, display, publish, distribute, electronically transmit, telecast, or broadcast, in any manner, any statement or representation that is false, misleading, or deceptive.
Source: L. 2021: Entire part added, (SB 21-057), ch. 378, p. 2525, § 5, effective June 29.