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2022 SESSION
SB 496 Financial institutions; qualified education loan servicers, definitions.
Introduced by: Lynwood W. Lewis, Jr. | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Financial institutions; qualified education loan servicers; definition. Provides that "qualified education loan servicer" means any person that meets all of the following criteria: (i) receives any scheduled periodic payments from a qualified education loan borrower or notification of such payments or applies payments to the qualified education loan borrower's account pursuant to the terms of the qualified education loan or the contract governing the servicing; (ii) during a period when no payment is required on a qualified education loan, maintains account records for the qualified education loan and communicates with the qualified education loan borrower regarding the qualified education loan, on behalf of the qualified education loan's holder; and (iii) interacts with a qualified education loan borrower, which includes conducting activities to help prevent default on obligations arising from qualified education loans or to facilitate certain activities. Under current law, "qualified education loan servicer" means a person that meets any one or more of such criteria.
The bill provides that "servicing" means undertaking all of the following activities: (a) receiving any scheduled periodic payments from a qualified education loan borrower or notification of such payments or 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; (b) during a period when no payment is required on a qualified education loan, maintaining account records for the loan and communicating with the qualified education loan borrower regarding the qualified education loan, on behalf of the qualified education loan's holder; and (c) interacting with a qualified education loan borrower, including conducting activities to help prevent default on obligations arising from qualified education loans or to facilitate any such activity. Under current law, "servicing" means undertaking any one or more of such activities. This bill is identical to HB 203.
FULL TEXT
- 01/12/22 Senate: Prefiled and ordered printed; offered 01/12/22 22101499D pdf | impact statement
- 03/10/22 Senate: Bill text as passed Senate and House (SB496ER) pdf | impact statement
- 04/11/22 Governor: Acts of Assembly Chapter text (CHAP0371) pdf
HISTORY
- 01/12/22 Senate: Prefiled and ordered printed; offered 01/12/22 22101499D
- 01/12/22 Senate: Referred to Committee on Commerce and Labor
- 01/31/22 Senate: Reported from Commerce and Labor (15-Y 0-N)
- 02/02/22 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/03/22 Senate: Read second time and engrossed
- 02/04/22 Senate: Read third time and passed Senate (39-Y 0-N)
- 02/21/22 House: Placed on Calendar
- 02/21/22 House: Read first time
- 02/21/22 House: Referred to Committee on Commerce and Energy
- 02/28/22 House: Assigned sub: Subcommittee #4
- 03/01/22 House: Subcommittee recommends reporting (5-Y 1-N)
- 03/03/22 House: Reported from Commerce and Energy (12-Y 10-N)
- 03/07/22 House: Read second time
- 03/08/22 House: Read third time
- 03/08/22 House: Passed House (53-Y 45-N)
- 03/08/22 House: VOTE: Passage (53-Y 45-N)
- 03/10/22 Senate: Enrolled
- 03/10/22 Senate: Bill text as passed Senate and House (SB496ER)
- 03/10/22 Senate: Signed by President
- 03/10/22 House: Signed by Speaker
- 03/22/22 Senate: Enrolled Bill Communicated to Governor on March 22, 2022
- 03/22/22 Governor: Governor's Action Deadline 11:59 p.m., April 11, 2022
- 04/11/22 Governor: Approved by Governor-Chapter 371 (effective 7/1/22)
- 04/11/22 Governor: Acts of Assembly Chapter text (CHAP0371)