9-A §16-106. Availability of alternative repayment options
§16-106. Availability of alternative repayment options 1. Flexible repayment option. If a private education lender offers a borrower a flexible repayment option in connection with a private education loan, the private education lender shall make the flexible repayment option available to all borrowers by the lender. [PL 2021, c. 357, §2 (NEW).] 2. Other […]
9-A §16-107. Record retention
§16-107. Record retention A private education lender shall establish and maintain records and permit the superintendent to access and copy any records required to be maintained pursuant to this Article. The private education lender shall retain a loan file, including any record specified for retention by rules adopted by the superintendent, for at least 6 […]
9-A §16-108. Prohibition on acceleration of private education loans
§16-108. Prohibition on acceleration of private education loans 1. Prohibition on acceleration. A private education loan executed after the effective date of this section may not include a provision that permits the private education lender to accelerate, in whole or in part, payments on the private education loan, except in cases of payment default. A […]
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 §13-115. Investigation and examination authority
§13-115. Investigation and examination authority In addition to any authority allowed under this Article, the administrator may conduct an investigation and examination as follows. [PL 2009, c. 362, Pt. B, §1 (NEW).] 1. Authority to access information. For purposes of initial licensing, license renewal, license suspension, license conditioning, license revocation or termination or general […]
9-A §13-116. Prohibited acts and practices
§13-116. Prohibited acts and practices It is a violation of this Article for an individual or a person subject to this Article to: [PL 2009, c. 362, Pt. B, §1 (NEW).] 1. Defraud; mislead. Directly or indirectly employ any scheme, device or artifice to defraud or mislead borrowers or lenders or to defraud a […]
9-A §13-117. Report to nationwide mortgage licensing system and registry
§13-117. Report to nationwide mortgage licensing system and registry The administrator shall regularly report violations of this Article, as well as enforcement actions and other relevant information, to the nationwide mortgage licensing system and registry. [PL 2009, c. 362, Pt. B, §1 (NEW).] SECTION HISTORY PL 2009, c. 362, Pt. B, §1 (NEW).