§ 5-19-240. Transitional Provisions – Application to Existing Transactions
Transactions entered into before January 1, 2008, and the rights, duties, and interests resulting from them may be completed, terminated, or enforced as required or permitted by a law amended, repealed, or modified by this part 2 as though the amendment, repeal, or modification had not occurred. Source: L. 2017: Entire article added with relocations, […]
§ 5-20-114. Administrative Enforcement Orders
After notice and hearing, the administrator may order a student loan servicer or a person acting in the student loan servicer’s behalf to cease and desist from engaging in violations of this part 1 or any rule lawfully adopted or order lawfully issued pursuant to this part 1. The order issued by the administrator may […]
§ 5-19-241. Severability
If any provision of this part 2 or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this part 2 that can be given effect without the invalid provision or application, and to this end the provisions of this part 2 are severable. Source: […]
§ 5-20-115. Assurance of Discontinuance
If it is claimed that a person has violated this part 1, the administrator may accept an assurance in writing that the person will not engage in the conduct in the future. The assurance may also require the person to make refunds to persons of unlawful charges under this part 1, pay a penalty authorized […]
§ 5-19-226. Termination of Agreements
If an individual who has entered into an agreement fails for sixty days to make payments required by the agreement, a provider may terminate the agreement. If a provider or an individual terminates an agreement, the provider shall immediately return to the individual any money of the individual held in trust for the benefit of […]
§ 5-19-227. Periodic Reports – Retention of Records
A provider shall provide the accounting required by subsection (b) of this section: Upon cancellation or termination of an agreement; and Before cancellation or termination of any agreement: At least once each month; and Within five business days after a request by an individual, but the provider need not comply with more than one request […]
§ 5-19-228. Prohibited Acts and Practices
A provider may not, directly or indirectly: Misappropriate or misapply money held in trust; Settle a debt on behalf of an individual without the individual’s agreement to the settlement terms pursuant to a settlement agreement or other valid contractual agreement executed by the individual; Exercise or attempt to exercise a power of attorney after an […]
§ 5-19-229. Notice of Litigation
No later than thirty days after a provider has been served with notice of a civil action for violation of this part 2 by or on behalf of an individual who resides in this state at either the time of an agreement or the time the notice is served, the provider shall notify the administrator […]
§ 5-19-230. Advertising
A provider that advertises debt-management services shall disclose, in an easily comprehensible manner, the information specified in section 5-19-217 (d)(3) and (d)(4). Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1164, § 4, effective August 9. Editor’s note: This section is similar to former § 12-14.5-230 as it existed prior […]
§ 5-19-231. Liability for the Conduct of Other Persons
If a provider delegates any of its duties or obligations under an agreement or this part 2 to another person, including an independent contractor, the provider is liable for conduct of the person that, if done by the provider, would violate the agreement or this part 2. Source: L. 2017: Entire article added with relocations, […]