CHAPTER 19-33 Education Loan Bill of Rights Act SECTION 19-33-4 § 19-33-4. Enrollment of education loan servicers. (a) every person or entity who or that solutions any student training loan released to an educatonal loan debtor after July 1, 2019, shall register because of the division as an educatonal loan servicer no later on than […]
CHAPTER 19-33 Education Loan Bill of Rights Act
SECTION 19-33-4
§ 19-33-4. Enrollment of education loan servicers.
(a) every person or entity who or that solutions any student training loan released to an educatonal loan debtor after July 1, 2019, shall register because of the division as an educatonal loan servicer no later on than September 30, 2019, or within thirty (30) times of performing servicing of pupil training loans, whichever is early in the day.
(b) The enrollment provisions for this chapter shall maybe maybe not connect with:
(1) anyone or entity who or that solutions less than six (6) pupil training loans in this state during any consecutive twelve-month (12) duration; and
(2) anyone or entity that solutions loans for training apart from postsecondary education.
(c) as an element of that enrollment, the individual or entity shall:
(1) finish an enrollment into the type promulgated by the division supplying the information required by the application form;
(2) spend a yearly enrollment charge of just one thousand bucks ($1,000);
(3) give a bond where the registrant will be the obligor and which shall cost their state for making use of the state and of the person who could have a factor in action resistant to the obligor of this relationship beneath the conditions with this chapter. The relationship will be perpetual and will be trained upon the obligor conforming to your conditions with this chapter and all sorts of laws thereunder and also the obligor can pay into the continuing state also to anybody all money that could be due or because of hawaii or even to anyone through the obligor underneath the conditions with this chapter. The bond shall directly provide for notice towards the division in the way specified by the division in the event that relationship is canceled because of the surety for almost any explanation. The relationship will probably be into the amount of fifty thousand dollars ($50,000);
(4) Appoint, and thereafter keep, a resident agent in this state with authority to simply accept solution of procedure for the registrant in this state, such as the means of garnishment:
(i) Service of process upon the representative will probably be considered enough solution upon the registrant; and
(ii) Any procedure, such as the procedure for garnishment, can be offered upon the manager, as representative regarding the registrant, in case no resident representative is available upon whom solution could be made, or even the registrant has did not designate an agent that is resident needed.
(d) No enrollment will be transferable or assignable. A modification of ownership of lower than twenty-five per cent (25%) for the voting equity or stock passions of a registrant shall never be considered a transfer or project associated with the registration. A modification of ownership of twenty-five % (25%) or higher regarding the voting stock or equity passions shall need notification towards the division, and enrollment by the transferee/assignee within fifteen (15) times of the noticeable improvement in ownership. A big change in title shall need notification into the department within fifteen (15) times.
( ag loans online Connecticut e) Any registrant shall, within twenty-four (24) hours after real knowledge, notify the division associated with event of any associated with events that are following
(1) The organization of bankruptcy, receivership, reorganization, or insolvency procedures regarding a registrant;
(2) The organization of any government that is adverse against a registrant; or
(3) Any felony indictment or conviction of any registrant or any officers, directors, owners, workers, people, or partners thereof.
(f) education loan servicers shall designate and offer email address for a person to express the student loan servicer in communications using the division. These records will be updated within ten (10) times of any change thereto.
(g) enrollment will be legitimate for starters calendar 12 months, and education loan servicers will probably be necessary to restore the department to their registration yearly.
(h) The division may evaluate a superb of ten thousand bucks ($10,000) on any education loan servicer that solutions student education loans for thirty (30) or even more times without registering and complying aided by the conditions provided in this area.
(i) The division may share any information collected through its enrollment or study of education loan servicers utilizing the attorney general.
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