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TITLE 19 Finance Institutions. The registration conditions of the chapter shall maybe maybe not connect with

TITLE 19 Finance Institutions. The registration 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 granted to an educatonal 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 this chapter shall maybe not connect with:

(1) anybody or entity who or that solutions less than six (6) pupil education loans in this state during any twelve-month that is consecutive12) duration; and

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(2) anyone or entity that solutions loans for education except that postsecondary training.

(c) included in that enrollment, the individual or entity shall:

(1) finish a enrollment within the type promulgated by the division supplying the information required by the program;

(2) spend a yearly registration cost of 1 thousand bucks ($1,000);

(3) supply a bond when the registrant will probably be the obligor and which shall run to their state for the usage their state and of the one who could have a factor in action from the obligor for the relationship underneath the conditions for this chapter. The relationship will be perpetual and will be conditioned upon the obligor conforming to your conditions for this chapter and all sorts of laws thereunder while the obligor will probably pay into the state also to anyone 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 offer notice straight towards the division in how specified because of the division in the event that relationship is canceled by the surety for just about any explanation. The bond will be into the amount of fifty thousand bucks ($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, like the procedure for garnishment:

(i) solution of process upon the agent will be considered enough solution upon the registrant; and

(ii) Any procedure, such as the procedure for garnishment, could be served upon the manager, as agent regarding the registrant, in case no resident representative are available upon whom solution could be made, or even the registrant has did not designate an agent that is resident required.

(d) No enrollment will probably be transferable or assignable. A big change in ownership of not as much as twenty-five % (25%) associated with the voting equity or stock passions of a registrant shall never be considered a transfer or project regarding the enrollment. A big change in ownership of twenty-five % (25%) or higher for the voting stock or equity passions shall need notification into the division, and enrollment because of the transferee/assignee within fifteen (15) times of the improvement in ownership. An alteration in title shall require notification towards the division within fifteen (15) times.

( ag e) Any registrant shall, within twenty-four (24) hours after real knowledge, notify the division associated with event of any of this events that are following

(1) The organization of bankruptcy, receivership, reorganization, or insolvency procedures regarding a registrant;

(2) The organization of every government that is adverse against a registrant; or

(3) Any felony indictment or conviction of any registrant or any officers, directors, owners, workers, users, or lovers thereof.

(f) education loan servicers shall designate and offer email address for an individual to express the education loan servicer in communications using the division. These records will probably be updated within ten (10) times of any change thereto.

(g) enrollment will probably be legitimate for just one calendar 12 months, and education loan servicers will probably be expected 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 pupil education loans for thirty (30) or even more times without registering and complying with all the conditions provided in this section.

(i) The division may share any information collected through its enrollment or study of education loan servicers using the attorney general.

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