Title 9-A, Title 9-A

This Article takes effect January 1, 2011.

This Article may be known and cited as "the Student Loan Bill of Rights."

This Article applies to a person who acts as a student loan servicer in this State, except that this Article does not apply to a supervised financial organization or a financial institution holding company as defined in Title 9‑B, section 1011, subsection 1, to a mutual holding c…

As used in this Article, unless the context otherwise indicates, the following terms have the following meanings. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] 1. Servicing. "Servicing" means: A. Receiving any scheduled periodic payments from a student loan borrower or …

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 a…

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 2…

An exempt organization that is requested by the student loan ombudsman to provide assistance pursuant to section 14‑104, subsection 8 shall provide, in a timely manner, the information requested by the ombudsman necessary to investigate and resolve a student loan borrower complai…

A person may not act as a student loan servicer, directly or indirectly, without first obtaining a license from the superintendent pursuant to this section, unless that person is exempt from licensure pursuant to subsection 1. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF)…

1. Definition. As used in this section, "nonconforming payment" means a payment on a student education loan of a student loan borrower that is different than the required payment. 2. Requirements. Except as otherwise provided in federal law, a federal student education loan agree…

1. Investigations and examinations. The superintendent has the authority to conduct investigations and examinations as follows. A. For purposes of initial licensing, license renewal, license suspension, license revocation or termination or general or specific inquiry or investiga…

A student loan servicer shall comply with all applicable federal laws and regulations relating to student education loan servicing, including, but not limited to, the federal Truth in Lending Act, 15 United States Code, Sections 1601 to 1667f (2010), as amended, and the regulatio…

The superintendent shall internally track any license, examination and investigation fees collected pursuant to this Article and any funds received from any public or private source. The superintendent shall use these funds to cover the costs of carrying out the duties of this Ar…

As used in this Article, unless the context indicates otherwise, the following terms have the following meanings. [PL 2021, c. 357, §1 (NEW).] 1. Provider of postsecondary education. "Provider of postsecondary education" means a person engaged in the business of providing postsec…

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…

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. 2. Suspended from operating in St…

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.

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 designa…

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.

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 repor…

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 …

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 len…

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. 2. Other alternat…

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 …

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 …

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. 2. Initial collection communication with borrower. In addition to any other information…

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. 2. Suspended from operating in St…

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.