Bill

Bill > H3977


MA H3977

Establishing a Student Loan Bill of Rights


summary

Introduced
07/18/2019
In Committee
07/18/2019
Crossed Over
Passed
Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

Establishing a Student Loan Bill of Rights

AI Summary

This bill establishes a Student Loan Bill of Rights in Massachusetts. The key provisions include: 1. Creating a student loan ombudsman within the Office of the Attorney General to receive and resolve complaints from student loan borrowers, help them explore repayment options, and provide borrower education. 2. Requiring the Division of Banks to maintain a consumer assistance unit to handle complaints involving student loan servicers, and mandating an annual report on student loan-related activities. 3. Establishing a licensing requirement for student loan servicers, with exemptions for certain banks and credit unions, and giving the Commissioner of Banks authority to investigate, suspend, and revoke licenses. 4. Creating a Student Loan Assistance Trust Fund administered by the Attorney General's office to fund the student loan ombudsman and provide direct assistance and legal representation for student loan borrowers. The bill aims to strengthen oversight and consumer protections for student loan borrowers in Massachusetts.

Committee Categories

Budget and Finance

Sponsors (0)

No sponsors listed

Other Sponsors (1)

Joint Committee on Financial Services (J)

Last Action

Bill reported favorably by committee and referred to the committee on House Ways and Means (on 07/18/2019)

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