§ 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 […]
§ 5-20-102. Scope of Article – Residence of Debtor
This part 1 applies to any person engaged in servicing a student education loan owed by an individual who is a resident of this state. For the purposes of this article 20, the residence of an individual is the address given by the individual as the individual’s residence to the creditor or to the student […]
§ 5-20-103. Definitions
As used in this article 20, unless the context otherwise requires: “Administrator” means the administrator designated in section 5-6-103. “Consumer reporting agency” has the meaning established in section 5-18-103 (4). “Education expenses” means any expense related, in whole or in part, expressly to financing postsecondary education, regardless of whether the debt incurred by a student […]
§ 5-20-104. Student Loan Ombudsperson – Report – Fund – Rules – Repeal
The administrator shall designate, support, and maintain a student loan ombudsperson to provide timely assistance to student loan borrowers. The student loan ombudsperson, in consultation with the administrator, shall: Complaints. Receive, review, and attempt to resolve complaints from student loan borrowers, including in collaboration with institutions of higher education, student loan servicers, and any other […]
§ 5-20-105. License Required
On or after January 31, 2020, a person shall not act as a student loan servicer, directly or indirectly, without first obtaining a student loan servicing license from the administrator pursuant to this part 1. Source: L. 2019: Entire article added, (SB 19-002), ch. 157, p. 1860, § 2, effective August 2. L. 2021: Entire […]
§ 5-20-106. Licensure of Student Loan Servicers
Automatic issuance of license for federal student loan servicing contractors. A person seeking to act within this state as a student loan servicer is exempt from the application procedures described in subsection (2) of this section upon a determination by the administrator that the person is a party to a contract awarded by the United […]
§ 5-20-107. License and Investigation Fees
A person applying for licensure under section 5-20-106 (1) or (2) shall pay the following nonrefundable fees established by the administrator: Initial license fee of at least one thousand dollars; Annual renewal fee of at least one thousand dollars; and Investigation fee. The administrator shall determine the amount of the fees required in this section […]