HB 18-1415

HB 18-1415, a Colorado bill that has been signed into law, requires companies that manage student loan payments to get a special license. This means these companies must be approved by the state before they can handle students' loan payments and other related tasks like processing payments and keeping records. The law affects any company that services student loans in Colorado, ensuring better oversight and protection for borrowers. Since it has been signed, this bill is now an active law that companies servicing student loans must follow.

Official Summary

The bill requires an entity that services a student education loan 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. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.) , Read More

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