L.D.1507. An Act To Establish A Student Loan Bill Of Rights To License And Regulate Student Loan Servicers

Maine Senate
Last action 8 months ago
Polls (open):

Sponsors

MADIGAN

Summary

                    This bill does the following.

1. It creates a position of student loan ombudsman under the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation, Bureau of Consumer Credit Protection. The student loan ombudsman's duties include: receiving, reviewing and, if possible, resolving complaints from student loan borrowers; compiling and analyzing student loan borrower data; assisting student loan borrowers to understand their rights and responsibilities; providing information to the public, agencies and Legislators regarding concerns of student loan borrowers and making recommendations to resolve them; analyzing and monitoring the development and implementation of other legislation and policies that affect student loan borrowers and recommending necessary changes; reviewing student loan history for borrowers who consent; disseminating information about the ombudsman's availability to assist others; establishing and maintaining a student loan borrower education course; and other necessary actions.
                
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                    2. It requires the superintendent to submit an annual report by January 1st of each year in regard to the effectiveness of the student loan ombudsman and to recommend additional steps necessary to gain regulatory control over licensing and enforcement with respect to student loan servicers.

3. It establishes a licensing procedure for student loan servicers, which includes an investigation of an applicant, along with a license fee and an investigation fee.

4. It identifies prohibited acts for student loan servicers, including employing any scheme, device or artifice to defraud or mislead student loan borrowers.

5. It identifies duties of the superintendent in regard to investigations and examinations of student loan servicers.

6. It requires student loan servicers to comply with all applicable federal laws and regulations related to student loan servicing.

7. It requires the Commissioner of Professional and Financial Regulation to adopt routine technical rules necessary to carry out the provisions in this bill.
                

In an effort to be an unbiased source of information, all text in this summary comes directly from government resources.

Actions

  • Placed in Legislative Files (DEAD)

    Wed, May 2nd 2018
  • LD 1507 In Senate, May 2, 2018, this Bill, having been returned by the Governor, together with objections to the same pursuant to the provisions of the Constitution of the State of Maine, after reconsideration, the Senate proceeded to vote on the question: "Shall this Bill become a law notwithstanding the objections of the Governor?" 18 IN FAVOR and 16 AGAINST, accordingly it was the vote of the Senate that the Bill not become law and the VETO was SUSTAINED.

    Wed, May 2nd 2018
  • PASSED TO BE ENACTED, in concurrence.

    Wed, Apr 18th 2018
  • Sent for concurrence. ORDERED SENT FORTHWITH.

    Tue, Apr 17th 2018
  • PASSED TO BE ENACTED.

    Tue, Apr 17th 2018
  • In concurrence. ORDERED SENT FORTHWITH.

    Tue, Apr 17th 2018
  • The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment "B" (S-405).

    Tue, Apr 17th 2018
  • Under suspension of the rules, the Bill was given its SECOND READING without REFERENCE to the Committee on Bills in the Second Reading.

    Tue, Apr 17th 2018
  • Committee Amendment "B" (S-405) was READ and ADOPTED.

    Tue, Apr 17th 2018
  • The Bill was READ ONCE.

    Tue, Apr 17th 2018
  • Subsequently, the Majority Ought to Pass as Amended Report was ACCEPTED.

    Tue, Apr 17th 2018
  • Speaker laid before the House

    Tue, Apr 17th 2018
  • Later today assigned.

    Fri, Apr 13th 2018
  • On further motion of same Representative TABLED pending his motion to ACCEPT the Majority Ought to Pass as Amended Report.

    Fri, Apr 13th 2018
  • Representative LAWRENCE of Eliot moved to ACCEPT the Majority Ought to Pass as Amended Report.

    Fri, Apr 13th 2018
  • Reports READ.

    Fri, Apr 13th 2018
  • READ ONCE

    Thu, Apr 12th 2018
  • Sent down for concurrence

    Thu, Apr 12th 2018
  • RELEASED.

    Thu, Apr 12th 2018
  • Taken from the table by the President

    Thu, Apr 12th 2018
  • On motion by Senator WHITTEMORE of Somerset The Majority Ought to Pass As Amended by Committee Amendment "B" (S-405) Report ACCEPTED

    Thu, Apr 12th 2018
  • Roll Call Ordered Roll Call Number 618 Yeas 20 - Nays 15 - Excused 0 - Absent 0

    Thu, Apr 12th 2018
  • HELD at the Request of Senator CUSHING of Penobscot.

    Thu, Apr 12th 2018
  • Committee Amendment "B" (S-405) READ and ADOPTED

    Thu, Apr 12th 2018
  • Under suspension of the Rules, READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED by Committee Amendment "B" (S-405)

    Thu, Apr 12th 2018
  • On motion by Senator WHITTEMORE of Somerset Tabled until Later in Today's Session, pending ACCEPTANCE OF EITHER REPORT

    Tue, Mar 27th 2018
  • Reports READ

    Tue, Mar 27th 2018
  • Carried over to any special or regular session, or both, of the 128th Legislature pursuant to Joint Order HP 1138.

    Wed, Aug 2nd 2017
  • CARRIED OVER to any Special or Regular Session of the 128th Legislature pursuant to Joint Order HP 1138.

    Wed, Aug 2nd 2017
  • In concurrence. ORDERED SENT FORTHWITH.

    Wed, Jun 21st 2017
  • The Bill and accompanying papers were COMMITTED to the Committee on INSURANCE AND FINANCIAL SERVICES.

    Wed, Jun 21st 2017
  • Report was READ and ACCEPTED.

    Wed, Jun 21st 2017
  • Ordered sent down forthwith for concurrence

    Mon, Jun 19th 2017
  • Roll Call Ordered Roll Call Number 340 Yeas 18 - Nays 17 - Excused 0 - Absent 0

    Mon, Jun 19th 2017
  • Subsequently Bill and accompanying papers COMMITTED to the Committee on Insurance and Financial Services

    Mon, Jun 19th 2017
  • Senator CUSHING of Penobscot asked and received leave of the Senate to Withdraw his motion to Table.

    Mon, Jun 19th 2017
  • Senator CUSHING of Penobscot moved to Table

    Mon, Jun 19th 2017
  • Senator WHITTEMORE of Somerset moved to COMMIT Bill and accompanying papers to the Committee on Insurance and Financial Services

    Mon, Jun 19th 2017
  • Taken from the table by the President

    Mon, Jun 19th 2017
  • On motion by Senator WHITTEMORE of Somerset Tabled until Later in Today's Session, pending ACCEPTANCE of Report

    Mon, Jun 5th 2017
  • Report READ

    Mon, Jun 5th 2017
  • The Bill was REFERRED to the Committee on INSURANCE AND FINANCIAL SERVICES.

    Tue, Apr 25th 2017
  • In concurrence. ORDERED SENT FORTHWITH.

    Tue, Apr 25th 2017
  • Committee on INSURANCE AND FINANCIAL SERVICES suggested and ordered printed REFERENCE to the Committee on INSURANCE AND FINANCIAL SERVICES Ordered sent down forthwith for concurrence

    Tue, Apr 25th 2017