Section 19-33-15. – Student loan consumer protection account established.
§ 19-33-15. Student loan consumer protection account established. A student loan consumer protection restricted receipt account (the “account”) is hereby created within the department of the attorney general. Monies deposited in the account shall be expended by the attorney general for the purpose of administering the provisions of this chapter. History of Section.P.L. 2019, ch. […]
Section 19-32-8. – Severability.
§ 19-32-8. Severability. If any provision of this chapter, or the application of the provision to any person or circumstances, is held invalid, the remainder of the chapter, and the application of the provision to persons or circumstances other than those as to which it is held invalid, is not to be affected. History of […]
Section 19-33-16. – Exemption.
§ 19-33-16. Exemption. (a) For the purposes of this chapter, any federal- or state-chartered bank or credit union that originates a student education loan or acts as a servicer, and any wholly owned subsidiary of a bank or credit union, shall be exempt from the provisions of §§ 19-33-4, 19-33-6 through 19-33-11, inclusive, §§ 19-33-12(9), […]
Section 19-33-1. – Title.
§ 19-33-1. Title. This chapter shall be known and may be cited as the “Student Loan Bill of Rights Act.” History of Section.P.L. 2019, ch. 199, § 1; P.L. 2019, ch. 265, § 1.
Section 19-34-1. – Definitions.
§ 19-34-1. Definitions. As used in this chapter: (1) “Department” means the Rhode Island office of healthy aging. (2) “Elder adult” means a person who is sixty (60) years of age or older. (3) “Exploitation” means the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including, but not limited to, […]
Section 19-33-2. – Definitions.
§ 19-33-2. Definitions. As used in this chapter: (1) “Commissioner” means the commissioner of postsecondary education. (2) “Department” means the department of business regulation, division of banking. (3) “Director” means the director of the department of business regulation or designee. (4) “Distressed borrower” means a student loan education borrower who is not considered current on […]
Section 19-34-2. – Reporting suspected financial exploitation of elder adults.
§ 19-34-2. Reporting suspected financial exploitation of elder adults. (a) If an employee of a regulated institution has reasonable cause to believe that financial exploitation of an elder adult who is an account holder with the regulated institution has occurred, is occurring, or has been attempted, the employee shall notify the regulated institution of the […]
Section 19-33-3. – Borrower assistance, education, and complaints.
§ 19-33-3. Borrower assistance, education, and complaints. (a) The department of attorney general’s consumer protection unit, in collaboration with the director, general treasurer, and commissioner, shall: (1) Receive, review, and attempt to resolve complaints from student loan borrowers; (2) Compile and analyze data on student loan borrower complaints; (3) Assist student loan borrowers to understand […]
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 […]