Requires registration of private education lenders; establishes protections for private education borrowers.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill requires private education lenders to register with the state and establishes protections for borrowers. It mandates clear disclosures to cosigners regarding loan terms and cosigner release options, and restricts lenders from accelerating payments during borrower disability or loan modification attempts. The bill also aims to prevent lenders from unfairly targeting cosigners' estates and promotes transparency in repayment options.
Bill text
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Document of record
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Sponsors
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3 on record
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