Bill > H1069

This bill establishes a student loan bill of rights in Massachusetts. The key provisions include: 1. Defining "student education loan" and "student loan borrower" and requiring student loan servicers to comply with additional regulations. 2. Creating the position of Student Loan Ombudsman within the Division of Banks to assist student loan borrowers, compile data on complaints, and provide educational resources. 3. Requiring student loan servicers to obtain a license from the Commissioner of Banks, with provisions for licensing requirements, renewals, and enforcement actions for violations. 4. Prohibiting various unfair and deceptive practices by student loan servicers, such as misapplying payments, providing inaccurate credit information, and refusing to communicate with authorized representatives. 5. Granting the Commissioner of Banks the authority to conduct investigations and examinations of student loan servicers to ensure compliance with state and federal laws. 6. Requiring the Student Loan Ombudsman to ensure state employees are informed of their right to public loan forgiveness. The bill aims to provide greater oversight and consumer protections for student loan borrowers in Massachusetts.

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https://malegislature.gov/Bills/191/H1069