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 […]
9-A §16-102. License required
§16-102. License required A person may not engage in the business of securing, making or extending a private education loan or holding a private education loan without having first obtained a license as a supervised lender from the administrator pursuant to section 2‑301. [PL 2021, c. 357, §2 (NEW).] SECTION HISTORY PL 2021, c. […]
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, […]