Bill Request 96

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

Actions

08/19/21 Prefiled by the sponsor(s).

Last updated: 12/1/2021 3:57 PM (EST)
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