SB 1540 Oregon Senate · 2020 Regular Session

Relating to student loan servicers; declaring an emergency.

Summary

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.

Bill status in committee 1 of 4 stages cleared

Introduction

Feb 2020

Committee Review

Floor Vote

Governor

Introduced Feb 3, 2020 Last action Mar 9, 2020

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 28, 2020

Upper · Passed

Recommendation: Do pass with amendments to the A-Eng. bill. (Printed B-Eng.)

upper

Feb 20, 2020

Upper · Passed

Returned to Full Committee.

upper

Feb 19, 2020

Committee

Assigned to Subcommittee On Transportation and Economic Development.

upper

Feb 11, 2020

Committee

Referred to Ways and Means by order of the President.

upper

Feb 11, 2020

Upper · Passed

Recommendation: Do pass with amendments and be referred to Ways and Means. (Printed A-Eng.)

upper

Feb 3, 2020

Committee

Referred to Judiciary.

upper

Feb 3, 2020

Introduced

Introduction and first reading. Referred to President's desk.

upper

2 primary · 23 co-sponsors