§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 […]
§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. […]
§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. […]
§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 […]
§16-105. Disability; discharge of liability 1. Notification of total and permanent disability. A private education lender, when notified of the total and permanent disability of a borrower or cosigner of a cosigned private education loan, shall release a cosigner from the obligations of the cosigner under the loan. The lender may not attempt to collect […]
§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 […]
§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 […]
§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 […]
§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 […]
§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. […]
§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).
