News & Analysis as of

Student Loans State and Local Government Financial Services Industry

Orrick, Herrington & Sutcliffe LLP

Student lender petitions U.S. Supreme Court to review 10th Circuit’s “arm of the state” ruling

Recently, a petition for a writ of certiorari was presented to the U.S. Supreme Court by a Missouri-based student lender seeking review of a decision by the U.S. Court of Appeals for the Tenth Circuit that it does not qualify...more

Ballard Spahr LLP

Kentucky enacts licensing requirement for servicers of private and federal student loans

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Kentucky recently enacted HB 494, titled the “Student Education Loan Servicing, Licensing, and Protection Act of 2022,” which will require student education loan servicers to be licensed in Kentucky.  The Act applies to...more

Holland & Knight LLP

California Legislative Roundup 2020: Financial Services

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Notwithstanding a pandemic-induced winnowing of legislative priorities this year, California has passed a handful of new bills to regulate discrete areas of the financial services industry, including student loan servicing,...more

Ballard Spahr LLP

Illinois Publishes Proposed Student Loan Servicing Rules

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The Illinois Department of Financial and Professional Regulation (IDFPR) published a notice of proposed rules implementing the Student Loan Servicing Act in the July 10, 2020 issue of the Illinois Register. Written comments...more

White & Case LLP

COVID-19 Response: US Financial Services Regulatory: U.S. State/Local (Updated April 24, 2020)

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In response to the global COVID-19 crisis, US financial regulators at the state level are taking important actions that affect US and non-US financial institutions, other financial services providers, consumers, and the US...more

Ballard Spahr LLP

Colorado Issues Student Loan Servicer License Applications

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The Colorado Attorney General’s Office recently published licensing applications for entities that are engaged in servicing student loans owed by Colorado residents....more

Ballard Spahr LLP

Illinois enacts law to fund income share agreements; distinguishes them from loans

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Illinois’ Democratic legislature recently passed, and its progressive Democratic Governor, J.B. Pritzker, recently signed into law, the Student Investment Account Act, which establishes a Student Investment Account to be...more

Ballard Spahr LLP

Washington Proposes Amendments to Student Loan Servicing Rules

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The Washington State Department of Financial Institution (DFI) has published proposed revisions to its student loan servicer regulations. This proposal would amend rules that went into effect earlier this year pursuant to...more

Alston & Bird

New Jersey Joins Other States Regulating Student Loan Servicers

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A&B Abstract - New Jersey recently enacted its own version of a Student Loan Bill of Rights, which requires the licensing of any person acting “directly or indirectly” as a student loan servicer. ...more

Ballard Spahr LLP

New Jersey enacts licensing and other requirements for student loan servicers

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On July 30, 2019, Acting New Jersey Governor Sheila Oliver signed into law SB 1149, which requires student loan servicers to be licensed, creates an Office of the Student Loan Ombudsman within the NJ Department of Banking and...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

Maine Enacts Student Loan Servicing Law

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We can add Maine to the list of states to have enacted a “Student Loan Bill of Rights” that requires student loan servicers to be licensed. On June 20th, Maine Governor Janet Mills signed into law LD 995, “An Act To Establish...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

Washington, D.C. Publishes Bulletin Reminding Student Loan Servicers of Annual Report

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The Washington, D.C. Department of Insurance, Securities, and Banking (DISB) has published a Bulletin reminding those who service student education loans in the District of Columbia of their obligation to file an annual...more

Jackson Lewis P.C.

Highlights From The New York FY 2020 Budget

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New York legislators passed into law the fiscal year 2020 $175.5-billion budget on April 1, 2019, fully funding state government for the next fiscal year. Among the provisions enacted are many that affect labor and employment...more

Ballard Spahr LLP

New York passes sweeping legislation impacting student loan servicers

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On April 1, 2019, New York enacted Article 14-A, governing servicers of student loans owed by New York residents, in connection with New York’s fiscal year 2020 budget....more

Ballard Spahr LLP

California publishes final student loan servicer regulations; California bill introduced to require additional information in...

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The California Department of Business Oversight has sent an email to servicers notifying them of the publication of its final student loan servicer regulations, which became effective March 28, 2019....more

Ballard Spahr LLP

NY Governor Cuomo again advances licensing requirements for student loan servicers

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Earlier this week, Governor Andrew Cuomo again advanced controversial legislation that would establish a state licensing regime for student loan servicers....more

Ballard Spahr LLP

Student loan servicing developments in California, Illinois, and Washington; legislation introduced in Virginia and New Mexico

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The new year heralds many new developments in the state regulation of student loan servicers.  California, Illinois, and Washington have each taken significant steps in implementing their existing laws while legislation has...more

Ballard Spahr LLP

Student loan servicers’ obligations under Maryland’s “Ombudsman Act” now in effect

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On September 28, 2018, the Maryland Commissioner of Financial Regulation issued a notice advising companies servicing student loans of Maryland borrowers to provide their contact information to the state’s new Student Loan...more

Ballard Spahr LLP

California Amends Student Loan Servicing Act

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California Governor Jerry Brown has signed into law Assembly Bill 38, which significantly modifies the scope, administration, and servicing requirements of the state’s Student Loan Servicing Act. ...more

Ballard Spahr LLP

Washington D.C. publishes final student loan servicing regulations

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The District of Columbia Department of Insurance, Securities, and Banking (DISB) published its final rules under the Student Loan Ombudsman Establishment and Servicing Regulation Amendment Act of 2016. ...more

Ballard Spahr LLP

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

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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...

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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

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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

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