Section 19-33-4. – Registration of student loan servicers.
§ 19-33-4. Registration of student loan servicers. (a) Each person or entity who or that services any student education loan issued to a student loan borrower after July 1, 2019, shall register with the department as a student loan servicer no later than September 30, 2019, or within thirty (30) days of conducting servicing of […]
Section 19-33-5. – Servicer registration account established.
§ 19-33-5. Servicer registration account established. There is established a restricted receipt account to be known as the “servicer registration account” which shall be a separate account within the department. Registration fees and other monies, excluding examination fees pursuant to § 19-33-9, received by the department pursuant to the terms of this chapter shall be […]
Section 19-33-6. – Maintenance of records.
§ 19-33-6. Maintenance of records. (a) Each student loan servicer shall maintain complete records of each student education loan transaction, including recordings of communications with borrowers, for not less than two (2) years following the final payment on such student education loan or the assignment of such student education loan, whichever occurs first, or any […]
Section 19-33-7. – Reporting requirements.
§ 19-33-7. Reporting requirements. Each registrant shall annually, on or before March 31, file a report with the department, giving any relevant information that the department may reasonably require concerning the business and operations during the preceding calendar year of the registrant within the state. At the time of filing each report, the sum of […]
Section 19-33-8. – Responsibilities of student loan servicers.
§ 19-33-8. Responsibilities of student loan servicers. (a) A student loan servicer shall provide annually, and at the request of a student loan borrower, the terms of their loan, progress toward repayment, and eligibility for any loan relief programs including, but not limited to, income-driven repayment plans, public service loan forgiveness, forbearance, and deferment. (b) […]
Section 19-33-9. – Examinations.
§ 19-33-9. Examinations. (a) In addition to any other authority provided under this chapter, the department shall have the authority to conduct examinations of registrants. (b) In order to carry out the purposes of this chapter, the department may: (1) Retain attorneys, accountants or other professionals and specialists as examiners or auditors to conduct or […]
Section 19-33-10. – Fines.
§ 19-33-10. Fines. (a) The director, after an administrative hearing pursuant to chapter 35 of title 42, may issue fines upon a finding that the registrant violated the provisions of this chapter, or any regulation or order lawfully made pursuant to this chapter; or take any other action provided for in this chapter. (b) Any […]
Section 19-33-11. – Appeal and review.
§ 19-33-11. Appeal and review. Any student loan servicer aggrieved by an action of the department in imposition of fines shall have the right to appeal the action, order, or decision pursuant to chapter 35 of title 42. History of Section.P.L. 2019, ch. 199, § 1; P.L. 2019, ch. 265, § 1.
Section 19-33-12. – Prohibited conduct.
§ 19-33-12. Prohibited conduct. No student loan servicer shall: (1) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead student loan borrowers; (2) Engage in any unfair or deceptive practice toward any person or misrepresent or omit any material information in connection with the servicing of a student education loan, including, […]
Section 19-33-13. – Investigation and enforcement.
§ 19-33-13. Investigation and enforcement. The attorney general may enforce a violation of § 19-33-12 as an unlawful act or practice under chapter 13.1 of title 6. History of Section.P.L. 2019, ch. 199, § 1; P.L. 2019, ch. 265, § 1.