9-A §16-109. Requirements for collecting on private education loan debt
§16-109. Requirements for collecting on private education loan debt 1. Private education loan collection. This section applies to a private education loan collection action that is maintained by a private education lender or a private education loan collector. [PL 2021, c. 357, §2 (NEW).] 2. Initial collection communication with borrower. In addition to any […]
9-A §16-110. Violations
§16-110. Violations 1. Fine. The superintendent may impose a fine of up to $25,000 on a person for any violation of this Article. Each violation of this Article or of any rule adopted pursuant to section 16‑111 is a separate offense for the purposes of this section. [PL 2021, c. 357, §2 (NEW).] 2. […]
9-A §14-110. Compliance with federal law
§14-110. Compliance with federal law A student loan servicer shall comply with all applicable federal laws and regulations relating to student education loan servicing, including, but not limited to, the federal Truth in Lending Act, 15 United States Code, Sections 1601 to 1667f (2010), as amended, and the regulations adopted pursuant to that Act. In […]
9-A §16-111. Rules
§16-111. Rules The superintendent may adopt rules to carry out the purposes of this Article. Rules adopted under this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A. [PL 2021, c. 357, §2 (NEW).] SECTION HISTORY PL 2021, c. 357, §2 (NEW).
9-A §14-111. Funding
§14-111. Funding The superintendent shall internally track any license, examination and investigation fees collected pursuant to this Article and any funds received from any public or private source. The superintendent shall use these funds to cover the costs of carrying out the duties of this Article, and funds received may not be used for any […]
9-A §15-101. Definitions
§15-101. Definitions As used in this Article, unless the context indicates otherwise, the following terms have the following meanings. [PL 2021, c. 357, §1 (NEW).] 1. Provider of postsecondary education. “Provider of postsecondary education” means a person engaged in the business of providing postsecondary education directly, by correspondence or by the Internet to a […]
9-A §15-102. Private student lender registry
§15-102. Private student lender registry 1. Private student lender registry. A person may not engage in the business of student financing as a student financing company in the State unless the person: A. Registers with the superintendent under rules or procedures adopted by the superintendent, including the payment of a fee of not less […]
9-A §15-103. Violations
§15-103. Violations 1. Fine. The superintendent may impose a fine of up to $25,000 on a person for any violation of this Article. Each violation of this Article or of any rule adopted pursuant to section 15‑104 is a separate offense for the purposes of this section. [PL 2021, c. 357, §1 (NEW).] 2. […]
9-A §15-104. Rules
§15-104. Rules The superintendent may adopt rules to carry out the purposes of this Article. Rules adopted under this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A. [PL 2021, c. 357, §1 (NEW).] SECTION HISTORY PL 2021, c. 357, §1 (NEW).
9-A §16-101. Definitions
§16-101. Definitions As used in this Article, unless the context otherwise indicates, the following terms have the following meanings. [PL 2021, c. 357, §2 (NEW).] 1. Cosigner. “Cosigner” means an individual who is liable for the loan obligation of another, regardless of how the individual is designated in the loan contract or instrument with […]