Prohibits any person from acting as a qualified education loan servicer without first obtaining a license from the State Corporation Commission and establishes procedures pertaining to such licenses. Banks and credit unions are exempt from the licensing provisions. The servicing of a qualified education loan encompasses (i) receiving any scheduled periodic payments from a qualified education loan borrower pursuant to the terms of a qualified education loan; (ii) applying the payments of principal and interest and such other payments with respect to the amounts received from a qualified education loan borrower, as may be required pursuant to the terms of a qualified education loan; and (iii) performing other administrative services with respect to a qualified education loan. Qualified education loan servicers are prohibited from, among other things, (a) misrepresenting the amount, nature, or terms of any fee or payment due or claimed to be due on a qualified education loan, the terms and conditions of the loan agreement, or the borrower's obligations under the loan; (b) knowingly misapplying or recklessly applying qualified education loan payments to the outstanding balance of a qualified education loan; and (c) failing to report both the favorable and unfavorable payment history of the borrower to a nationally recognized consumer credit bureau at least annually if the loan servicer regularly reports information to such a credit bureau. Violations are subject to a civil penalty not exceeding $2,500. The bill has a delayed effective date of July 1, 2018.
MM
Total votes
6,014
all sessions
Attendance
98%
82 missed
Higher than 86% of chamber peers
With party
99%
of cast votes
Higher than 90% of chamber peers
Bipartisan score
1%
crosses aisle rarely
Lower than 93% of chamber peers
Sponsored
822
bills & resolutions
Higher than 80% of chamber peers
Committees
0
assignments
822 bills and resolutions
Sponsored bills
Total
822
Primary
209
Co-sponsor
613
This page
822
matching current filters
Student loans; licensing of qualified education loan servicers, report, civil penalties.
Failed Feb 8, 2017
1 co-sponsor
Introduced Feb 6, 2017
1 co-sponsor
Introduced Feb 6, 2017
1 co-sponsor
Introduced Feb 3, 2017
1 co-sponsor
Introduced Feb 3, 2017
1 co-sponsor
Introduced Feb 3, 2017
1 co-sponsor
Introduced Feb 2, 2017
1 co-sponsor
Introduced Feb 2, 2017
1 co-sponsor
Introduced Feb 2, 2017
1 co-sponsor
Introduced Feb 2, 2017
1 co-sponsor
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