Section 58B.01 — Title.

58B.01 TITLE. This chapter may be cited as the “Student Loan Borrower Bill of Rights.” History: 1Sp2021 c 4 art 6 s 2

Section 58B.02 — Definitions.

58B.02 DEFINITIONS. Subdivision 1. Scope. For purposes of this chapter, the following terms have the meanings given them. Subd. 2. Borrower. “Borrower” means a resident of this state who has received or agreed to pay a student loan or a person who shares responsibility with a resident for repaying a student loan. Subd. 3. Commissioner. […]

Section 58B.03 — Licensing Of Student Loan Servicers.

58B.03 LICENSING OF STUDENT LOAN SERVICERS. Subdivision 1. License required. No person shall directly or indirectly act as a student loan servicer without first obtaining a license from the commissioner. Subd. 2. Exempt persons. The following persons are exempt from the requirements of this chapter: (1) a financial institution; (2) a person servicing student loans […]

Section 58B.04 — Licensing Multiple Places Of Business.

58B.04 LICENSING MULTIPLE PLACES OF BUSINESS. A person licensed to act as a student loan servicer in this state is prohibited from servicing student loans under any other name or at any other place of business than that named in the license. Any time a student loan servicer changes the location of the servicer’s place […]

Section 58B.05 — License Renewal.

58B.05 LICENSE RENEWAL. Subdivision 1. Term. Licenses are renewable on January 1 of each year. Subd. 2. Timely renewal. (a) A person whose application is properly and timely filed who has not received notice of denial of renewal is considered approved for renewal. The person may continue to act as a student loan servicer whether […]

Section 58B.06 — Duties Of Student Loan Servicers.

58B.06 DUTIES OF STUDENT LOAN SERVICERS. Subdivision 1. Response requirements. Upon receiving a written communication from a borrower, a student loan servicer must: (1) acknowledge receipt of the communication in less than ten days from the date the communication is received; and (2) provide information relating to the communication and, if applicable, the action the […]

Section 58B.07 — Prohibited Conduct.

58B.07 PROHIBITED CONDUCT. Subdivision 1. Misleading borrowers. A student loan servicer must not directly or indirectly attempt to mislead a borrower. Subd. 2. Misrepresentation. A student loan servicer must not engage in any unfair or deceptive practice or misrepresent or omit any material information in connection with the servicing of a student loan, including but […]

Section 58B.08 — Examinations.

58B.08 EXAMINATIONS. The commissioner has the same powers with respect to examinations of student loan servicers under this chapter that the commissioner has under section 46.04. History: 1Sp2021 c 4 art 6 s 9

Section 58B.09 — Denial; Suspension; Revocation Of Licenses.

58B.09 DENIAL; SUSPENSION; REVOCATION OF LICENSES. Subdivision 1. Powers of commissioner. (a) The commissioner may by order take any or all of the following actions: (1) bar a person from engaging in student loan servicing; (2) deny, suspend, or revoke a student loan servicer license; (3) censure a student loan servicer; (4) impose a civil […]

Section 58B.10 — Data Practices.

58B.10 DATA PRACTICES. Subdivision 1. Classification of data. Data collected, created, received, maintained, or disseminated by the Department of Commerce under this chapter are governed by section 46.07. Subd. 2. Data sharing. To the extent data collected, created, received, maintained, or disseminated under this chapter are not public data as defined by section 13.02, subdivision […]