CHAPTER 19-33 Student Loan Bill of Rights Act
§ 19-33-4. Enrollment of education loan servicers.
(a) every person or entity who or that solutions any pupil training loan given 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 with this chapter shall perhaps maybe maybe not connect with:
(1) anyone or entity who or that solutions less than six (6) student education loans in this state during any twelve-month that is consecutive12) duration; and
(2) anybody or entity that solutions loans for training other than 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 applying;
(2) spend a yearly enrollment cost of just one thousand bucks ($1,000);
(3) Provide a bond where the registrant will be the obligor and which shall set you back their state for the usage their state and of the one who might have a factor in action contrary to the obligor associated with relationship underneath the conditions with this chapter. The relationship will be perpetual and will be trained upon the obligor conforming to your conditions for this chapter and all sorts of laws thereunder together with obligor can pay into the state and also to anyone all cash that will be due or because of hawaii or even to anyone through the obligor beneath the provisions with this chapter. The relationship shall allow for notice straight into the department in the way specified because of the division in the event that relationship is canceled by the surety for just about any explanation. The relationship will be when you look at 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 deemed adequate solution upon the registrant; and
(ii) Any procedure, like the procedure for garnishment, could be offered upon the manager, as agent associated with registrant, in case no resident representative can be obtained upon whom solution could be made, or perhaps the registrant has neglected to designate a resident agent as needed.
(d) No enrollment will probably be transferable or assignable. A big change in ownership of lower than twenty-five per cent (25%) associated with the voting equity https://americashpaydayloans.com/payday-loans-oh/ or stock interests of a registrant shall never be considered a transfer or project for the enrollment. A modification of ownership of twenty-five per cent (25%) or even more for the voting stock or equity passions shall need notification towards the division, and enrollment because of the transferee/assignee within fifteen (15) times of the noticeable improvement in ownership. A modification of name shall need notification towards the division within fifteen (15) times.
( ag e) Any registrant shall, within twenty-four (24) hours after actual knowledge, notify the department regarding the incident of every associated with 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 because of the division. These records will be updated within ten (10) times of any noticeable change thereto.
(g) enrollment will probably 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 department may evaluate an excellent of ten thousand dollars ($10,000) on any education loan servicer that services pupil training loans for thirty (30) or higher times without registering and complying using the conditions provided in this part.
(i) The division may share any information collected through its enrollment or study of education loan servicers utilizing the attorney general.