SB 1053 Student loans; licensing of qualified education loan servicers, report, civil penalties.
Janet D. Howell | all patrons    ...    notes
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Summary as passed Senate: (all summaries)

Qualified education loan servicers. Prohibits any person from acting as a qualified education loan servicer without first obtaining a license from the State Corporation Commission and establishes procedures pertaining to such licenses. Banks and credit unions are exempt from the licensing provisions. The servicing of a qualified education loan encompasses (i) receiving any scheduled periodic payments from a qualified education loan borrower pursuant to the terms of a qualified education loan; (ii) 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; and (iii) performing other administrative services with respect to a qualified education loan. Qualified education loan servicers are prohibited from, among other things, (a) misrepresenting the amount, nature, or terms of any fee or payment due or claimed to be due on a qualified education loan, the terms and conditions of the loan agreement, or the borrower's obligations under the loan; (b) knowingly misapplying or recklessly applying qualified education loan payments to the outstanding balance of a qualified education loan; and (c) failing to report both the favorable and unfavorable payment history of the borrower to a nationally recognized consumer credit bureau at least annually if the loan servicer regularly reports information to such a credit bureau. Violations are subject to a civil penalty not exceeding $2,500. The bill has a delayed effective date of July 1, 2018.

Full text:
01/06/17  Senate: Prefiled and ordered printed; offered 01/11/17 17101765D  pdf | impact statement
02/01/17  Senate: Committee substitute printed 17105060D-S1  pdf | impact statement

Senate amendments
Senate amendments rejected

01/06/17  Senate: Prefiled and ordered printed; offered 01/11/17 17101765D
01/06/17  Senate: Referred to Committee on Education and Health
01/23/17  Senate: Assigned Education sub: Higher Education
01/26/17  Senate: Reported from Education and Health with amendments (15-Y 0-N)
01/26/17  Senate: Rereferred to Finance
02/01/17  Senate: Reported from Finance with substitute (12-Y 3-N)
02/01/17  Senate: Committee substitute printed 17105060D-S1
02/02/17  Senate: Constitutional reading dispensed (40-Y 0-N)
02/03/17  Senate: Read second time
02/03/17  Senate: Committee amendments rejected
02/03/17  Senate: Reading of substitute waived
02/03/17  Senate: Committee substitute agreed to 17105060D-S1
02/03/17  Senate: Engrossed by Senate - committee substitute SB1053S1
02/06/17  Senate: Read third time and passed Senate (36-Y 4-N)
02/08/17  House: Placed on Calendar
02/08/17  House: Read first time
02/08/17  House: Referred to Committee on Commerce and Labor
02/14/17  House: Failed to report (defeated) in Commerce and Labor (7-Y 13-N)