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SB 19-002

signed

Regulate Student Education Loan Servicers

Summary

Student loan servicers - license requirement - regulation by assistant attorney general - appropriation. The act requires an entity that services a student education loan owned by a Colorado resident to be licensed by the administrator of the "Uniform Consumer Credit Code". "Servicing" means receiving a scheduled periodic payment from a student loan borrower, applying the payments of principal and interest with respect to the amounts received from a student loan borrower, and similar administrative services. The act specifies particular acts that are required of or prohibited by student loan servicers and the administrator's powers and duties. Violation of the licensing law is a deceptive trade practice. The act also creates a student loan ombudsperson to provide timely assistance to student loan borrowers. $115,273 is appropriated to the department of law from the general fund to implement the act. (Note: This summary applies to this bill as enacted.) Read More

Details

Chamber
Senate
First action
2019-01-04
Latest action
2019-05-13
Last action desc.
Governor Signed
OpenStates
View source ↗

Sponsors

Related Legislation

This bill affects (12)

relates
SB 17-095(2017A)· signed
Repeal The Death Penalty
relates
HB 18-1090(2018A)· signed
Credit Security Freeze For Minors And At-risk Adults
relates
HB 18-1233(2018A)· signed
Consumer Reporting Agency Security Freeze Minors
relates
HB 18-1024(2018A)· signed
Relocate Title 12 Racing to New Title 44
relates
HB 18-1375(2018A)· signed
Revisor's Bill
relates
HB 17-1238(2017A)· signed
Relocate Title 12 Credit Debt Services
relates
HB 17-1006(2017A)· signed
Correct Statutory Citation In Rule Without Hearing
relates
SB 17-186(2017A)· failed
Reduce Regulatory Burden Rules On Businesses
relates
HB 18-1113(2018A)· signed
Small Business Regulatory Reform
relates
SB 18-092(2018A)· signed
Update References County Departments Social Services
relates
HB 18-1129(2018A)· signed
Consumer Report Security Freeze For Protected Consumers
relates
SB 18-036(2018A)· signed
Relocate Title 24 Tobacco Sales Minors To Title 44

Affected by (12)

amends
SB 21-003(2021A)· signed
Recreate Occupational Therapy Practice Act
amends
SB 19-182(2019A)· failed
Repeal The Death Penalty
amends
SB 25-315(2025A)· signed
Postsecondary & Workforce Readiness Programs
amends
HB 19-1172(2019A)· signed
Title 12 Recodification And Reorganization
amends
SB 22-219(2022A)· signed
Regulate Dental Therapists
amends
HB 24-1078(2024A)· signed
Regulation of Community Association Managers
amends
HB 26-1267(2026A)· failed
Limitations on Collection Actions for Medical Debt
amends
SB 23-248(2023A)· signed
Attorney General Regulated Consumer Credit Transactions
amends
HB 19-1163(2019A)· failed
Reduce Regulatory Burden Rules On Businesses
amends
SB 25-119(2025A)· signed
Measures to Modify the Department of Early Childhood
extends
SB 21-002(2021A)· signed
Extending Limitations On Debt Collection Actions
repeals
SB 19-241(2019A)· signed
Revisor's Bill

Votes

COW *
2019-05-01 · Senate · pass — Yes: 27 · No: 8 · Other: —
REPASS
2019-05-01 · Senate · pass — Yes: 41 · No: 24 · Other: —
NOT CONCUR APPT CC
2019-05-01 · Senate · pass — Yes: 35 · No: 0 · Other: —
BILL
2019-05-01 · Senate · pass — Yes: 40 · No: 24 · Other: —
ADOPT CCR
2019-05-01 · Senate · pass — Yes: 35 · No: 0 · Other: —
BILL
2019-05-01 · Senate · pass — Yes: 21 · No: 9 · Other: —
REPASS
2019-05-01 · Senate · pass — Yes: 23 · No: 12 · Other: —
ADOPT
2019-05-01 · Senate · pass — Yes: 56 · No: 9 · Other: —