Requires registration of postsecondary education debt creditors; establishes protections for 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 postsecondary education debt creditors to register with the state and establishes protections for borrowers. It mandates the registration of these creditors, along with providing a list of attended schools and outstanding debt amounts, to the state. The bill also includes provisions for cosigner release, preventing restrictions that permanently bar borrowers from qualifying and requiring clear communication about the process. Finally, it limits the ability of creditors to accelerate payments or pursue cosigner claims outside of payment defaults.
Bill text
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1 on record
Primary sponsor
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