summary
Introduced
07/18/2019
07/18/2019
In Committee
07/18/2019
07/18/2019
Crossed Over
Passed
Dead
12/31/2020
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)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/191/H3977 |
| Bill | https://malegislature.gov/Bills/191/H3977.pdf |
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