§ 5-20-207. Bankruptcy or Death of Cosigner
If a cosigner dies, the lender shall not attempt to collect against the cosigner’s estate other than for payment default. With regard to the death or bankruptcy of a cosigner, if a private education loan is not more than sixty days delinquent at the time the lender is notified of the cosigner’s death or bankruptcy, […]
§ 5-20-208. Total and Permanent Disability of the Private Education Loan Borrower or Cosigner
For any private education loan issued on or after June 29, 2021, a private education lender, when notified of the total and permanent disability of a private education loan borrower or cosigner, shall release any cosigner from the obligations of the cosigner under a private education loan. The lender shall not attempt to collect a […]
§ 5-20-209. Refinancing – Additional Disclosures – Limitations on Default Pending Approval
Before offering a person a private education loan that is being used to refinance an existing education loan, a private education lender shall provide the person a disclosure explaining that benefits and protections applicable to the existing loan may be lost due to the refinancing. The disclosure must be provided on a one-page information sheet […]
§ 5-20-210. Prohibited Conduct
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; Take an assignment of earnings […]
§ 5-20-211. Record Retention – Confidentiality
A private education lender shall establish and maintain records and permit the administrator to access and copy any records or records systems required to be maintained pursuant to this part 2 or rules of the administrator adopted to implement this part 2. The lender shall retain loan files, including any records specified for retention under […]
§ 5-20-212. Collection on Debt – Prerequisites – Documentation
Unless the private education loan borrower has invoked his or her right to cease communication with the collection agency, a collection agency attempting to collect a private education loan shall provide the following information, in addition to any other information required under applicable federal or state law, to the private education loan borrower in the […]
§ 5-20-116. Injunctions
The administrator may bring a civil action to restrain a person from violating this part 1 or rules promulgated pursuant to this part 1 and for other appropriate relief, including such orders or judgments as may be necessary to completely compensate or restore any person affected by the violation to the person’s original position. The […]
§ 5-20-213. Actions – Counterclaims
For litigation proceedings commenced on or after June 29, 2021, a court shall not enter a judgment on a private education loan obligation if the collection agency does not comply with the requirements of section 5-20-212. For litigation proceedings commenced before June 29, 2021, the court shall not enter a judgment until the collection agency […]
§ 5-20-117. Civil Actions by the Administrator
The administrator may bring a civil action against a student loan servicer for any violation of this part 1. An action may relate to transactions with more than one person. The court may order a student loan servicer to refund to a person any charges collected in violation of this part 1 and may also […]
§ 5-20-214. Remedies – Civil Actions – Limitations – Deceptive Trade Practice
In addition to any other remedies provided by this part 2 or otherwise provided by law, whenever it is proven by a preponderance of the evidence that a lender or collection agency has filed with a court or provided to the private education loan borrower information required under this part 2 that is false, the […]