Relating to: student loans for postsecondary education, requirements related to student loan servicers, creating an office of the student loan ombudsman in the Department of Financial Institutions, granting rule-making authority, and making an appropriation. (FE)

AB 1074 creates an Office of the Student Loan Ombudsman within the Department of Financial Institutions to assist borrowers with student loan issues. The office will handle complaints, analyze borrower data, and provide guidance on loan terms, working directly with student loan servicers and educational institutions. It establishes specific duties including resolving disputes, monitoring laws affecting borrowers, and requiring servicers to cooperate with the ombudsman. This bill directly affects student loan borrowers in the state and the student loan servicers who must now engage with this new oversight office.