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 §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 §14-101. Short title
§14-101. Short title This Article may be known and cited as “the Student Loan Bill of Rights.” [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] SECTION HISTORY PL 2019, c. 431, §2 (NEW). PL 2019, c. 431, §4 (AFF).
9-A §14-102. Applicability
§14-102. Applicability This Article applies to a person who acts as a student loan servicer in this State, except that this Article does not apply to a supervised financial organization or a financial institution holding company as defined in Title 9‑B, section 1011, subsection 1, to a mutual holding company as defined in Title 9‑B, […]
9-A §14-103. Definitions
§14-103. Definitions As used in this Article, unless the context otherwise indicates, the following terms have the following meanings. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] 1. Servicing. “Servicing” means: A. Receiving any scheduled periodic payments from a student loan borrower or notification of such payments and applying […]
9-A §14-104. Student loan ombudsman
§14-104. Student loan ombudsman The superintendent shall, using licensing and investigation fees collected pursuant to section 14‑107, support, maintain and designate a student loan ombudsman within the Department of Professional and Financial Regulation, Bureau of Consumer Credit Protection to provide timely assistance to student loan borrowers. [PL 2019, c. 431, §2 (NEW); PL 2019, […]
9-A §14-105. Annual report
§14-105. Annual report The superintendent shall submit a report by January 1st of each year to the joint standing committees of the Legislature having jurisdiction over education and cultural affairs and insurance and financial services matters. The report must include: [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] 1. Implementation. […]
9-A §14-106. Assistance by exempt organization; report
§14-106. Assistance by exempt organization; report An exempt organization that is requested by the student loan ombudsman to provide assistance pursuant to section 14‑104, subsection 8 shall provide, in a timely manner, the information requested by the ombudsman necessary to investigate and resolve a student loan borrower complaint, including the steps taken by the exempt […]
9-A §14-107. Licensing of student loan servicers
§14-107. Licensing of student loan servicers A person may not act as a student loan servicer, directly or indirectly, without first obtaining a license from the superintendent pursuant to this section, unless that person is exempt from licensure pursuant to subsection 1. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] […]
9-A §14-108. Student loan servicers
§14-108. Student loan servicers 1. Definition. As used in this section, “nonconforming payment” means a payment on a student education loan of a student loan borrower that is different than the required payment. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] 2. Requirements. Except as otherwise provided in federal law, […]