TITLE 19 Banking Institutions. The enrollment conditions of the chapter shall maybe maybe not connect with
CHAPTER 19-33 Education Loan Bill of Rights Act
SECTION 19-33-4
§ 19-33-4. Enrollment of education loan servicers.
(a) each individual or entity who or that solutions any pupil training loan released to a student-based loan debtor after 1, 2019, shall register with the department as a student loan servicer no later than September 30, 2019, or within thirty (30) days of conducting servicing of student education loans, whichever is earlier july.
(b) The enrollment conditions of the chapter shall maybe perhaps maybe not connect with:
(1) anybody 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) anybody or entity that solutions loans for training apart from postsecondary training.
(c) as an element of that enrollment, anyone or entity shall:
(1) finish a enrollment when you look at the form promulgated by the division supplying the information required by the application;
(2) spend a registration that is annual of just one thousand bucks ($1,000);
(3) give a bond when the registrant will be the obligor and which shall set you back their state for the utilization of their state as well as the one who could have a reason for action from the obligor regarding the relationship underneath the conditions of the chapter. The relationship will be perpetual and will probably be trained upon the obligor conforming into the conditions of the chapter and all sorts of regulations thereunder additionally the obligor can pay into the continuing state and also to anybody all cash which could be due or because of their state or even the individual through the obligor underneath the conditions with this chapter. The relationship shall allow for notice straight towards the division in how specified because of the division in the event that bond is canceled because of the surety for almost any reason. The bond will be within the amount of fifty thousand bucks ($50,000);
(4) Appoint, and thereafter maintain, an agent that is resident this state with authority to just accept solution of procedure for the registrant in this state, like the procedure for garnishment:
(i) solution of process upon the representative will be deemed adequate service upon the registrant; and
(ii) Any procedure, including the procedure of garnishment, could be offered upon the manager, as representative associated with the registrant, in case no resident representative can be obtained upon whom solution are made, or perhaps the registrant has neglected to 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%) of this voting stock or equity passions of a registrant shall never be considered a transfer or project associated with registration. A big change in ownership of twenty-five percent (25%) or maybe more regarding the voting stock or equity passions shall need notification to your department, and enrollment by the transferee/assignee within fifteen (15) times of the noticeable improvement in ownership. A change in name shall need notification towards the division within fifteen (15) days.
( ag e) Any registrant shall, within twenty-four (24) hours after real knowledge, notify the division associated with incident 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 undesirable government action against a registrant; or
(3) Any felony indictment or conviction of every registrant or any officers, directors, owners, employees, people, or lovers thereof.
(f) education loan servicers shall designate and offer email address for a person to represent the education loan servicer in communications with all the division. These details will probably be updated within ten (10) times of any noticeable change thereto.
(g) enrollment will be legitimate for starters calendar 12 months, and education loan servicers will be expected to restore their enrollment aided by the division yearly.
(h) The department may evaluate an excellent of ten thousand bucks ($10,000) on any education loan servicer that solutions pupil training loans for thirty (30) or maybe more days without registering and complying because of the conditions provided in this area.
(i) The division may share any information gathered through its enrollment or study of education loan servicers utilizing the attorney general.