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 §16-103. Cosigned private education loan
§16-103. Cosigned private education loan 1. Information prior to extension of loan. Prior to the extension of a private education loan that requires a cosigner, a private education lender shall deliver the following information to the cosigner: A. How the private education loan will appear on the cosigner’s credit report; [PL 2021, c. […]
9-A §16-104. Cosigner release
§16-104. Cosigner release 1. Annual written notice. A private education lender shall inform the borrower and cosigner of all administrative, nonjudgmental criteria required for cosigner release. A private education lender shall provide the borrower and the cosigner of a cosigned private education loan an annual written notice containing information about cosigner release, including the criteria […]
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 §13-110. Authority to require license
§13-110. Authority to require license In addition to any other duties imposed upon the administrator by law, the administrator shall require mortgage loan originators to be licensed and registered through the nationwide mortgage licensing system and registry. In order to carry out this requirement, the administrator is authorized to participate in the nationwide mortgage licensing […]