Relating to student loan servicers; declaring an emergency.
Catchline/Summary:
Requires certain persons that service student loans in this state to obtain or renew license. Requires certain persons that service student loans in this state to obtain or renew license. Specifies license application and renewal procedures, required fees and persons that are exempt from requirement.
Prescribes duties of licensee and requires licensee to maintain specified liquidity, operating reserves and tangible net worth.
Prescribes civil penalty against person that engages in business as student loan servicer without license.
Permits Director of Department of Consumer and Business Services to participate in multistate examinations under specified circumstances.
Becomes operative on July 1, 2021.
Declares emergency, effective on passage.
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