| Title | AN ACT relating to student loan servicers. |
|---|---|
| Bill Documents | Original |
| Sponsors | P. Minter, A. Scott |
| Summary of Original Version | Establish Subtitle 12 of KRS Chapter 286 and create sections thereof to define terms; establish licensing requirements for certain student loan servicers; establish requirements for student loan servicing activities; require student loan servicers to comply with applicable state and federal law; establish fines for violations of the subtitle; establish a private right of action for violations of the subtitle; permit the commissioner of the Department of Financial Institutions to monitor risk to consumers relating to servicing student loans; require the commissioner to designate a student loan ombudsman; set forth requirements for student loan ombudsman; amend KRS 452.005 to conform; state that provisions of this Act shall be severable. |
| Index Headings |
Education, Finance - Student loan servicing, requirements Education, Higher - Student loan servicing, requirements Federal Laws and Regulations - Student loan servicers, compliance requirements Licensing - Student loan servicers State Agencies - Department of Financial Institutions, student loan servicer, regulation Administrative Regulations and Proceedings - Commissioner, Department of Financial Institutions, student loan servicing Banks and Financial Institutions - Student loan servicers, requirements Reports Mandated - Student loan ombudsman, annual report Reports Mandated - Student loan servicers, annual report to commissioner |
| 08/19/21 | Prefiled by the sponsor(s). |
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Last updated: 12/21/2021 12:15 PM (EST)
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