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Student Loans New Legislation Regulatory Oversight

Troutman Pepper Locke

Illinois Amends Student Loan Servicing Rights Act to Include Educational Income Share Agreements

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On August 15, Illinois Governor JB Pritzker approved Public Act 104-0383. This legislation, effective immediately, amends the Student Loan Servicing Rights Act and introduces Article 7, focusing on Educational Income Share...more

Hudson Cook, LLP

Regulation of Student Loan Servicers - A Review of 2019 Legislation Enacted in Colorado, Maine, Maryland, and Nevada

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The May 2019 issue of Insights provided high-level background information about the recent trend of state legislation targeting student loan servicers. In the June 2019 issue of Insights, we took a deeper dive into New York's...more

Ballard Spahr LLP

Colorado Enacts Student Loan Servicer Licensing Law and Maryland Expands Regulation of Servicers

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Colorado and Maryland have each enacted legislation regulating student loan servicers. On May 13, Colorado Governor Jared Polis (D) signed into law SB 19-002, and that same day, Maryland Governor Larry Hogan (R) signed HB...more

Ballard Spahr LLP

Maryland enacts law establishing Student Loan Ombudsman and significantly amends other consumer financial services statutes

Ballard Spahr LLP on

On May 15, Maryland Governor Larry Hogan signed into law a bill that, among other things, establishes the role of Student Loan Ombudsman within the Office of the Commissioner of Financial Regulation and sets forth various...more

Ballard Spahr LLP

Student loan servicers seek to clarify federal preemption of state student loan servicing regulations in suit to enjoin...

Ballard Spahr LLP on

The Student Loan Servicing Alliance, a trade group representing student loan servicers, has sued the District of Columbia to enjoin the operation of Law 21-214, the Student Loan Ombudsman Establishment and Servicing...more

Ballard Spahr LLP

State of Washington Enacts Student Loan Servicing Law

Ballard Spahr LLP on

Washington has become the latest state to impose a licensing requirement on student loan servicers. Last week, Governor Jay Inslee signed SB 6029, which establishes a “student loan bill of rights,” similar to the bills that...more

Ballard Spahr LLP

D.C. belatedly releases Bill of Rights for student loan borrowers

Ballard Spahr LLP on

The District of Columbia Student Loan Ombudsman Establishment and Servicing Regulation Act of 2016 (Servicing Act) became effective February 18, 2017. The Servicing Act set an October 1 deadline for the Student Loan...more

Ballard Spahr LLP

California and Washington, D.C. issue student loan servicing regulations

Ballard Spahr LLP on

California and the District of Columbia have recently released regulations under their respective student loan servicing laws. Each is taking comments on its regulations, but whereas California has merely issued proposed...more

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