Bill > S2180

This bill requires entities that lend money for postsecondary education (postsecondary education debt creditors) to register with the Commissioner of Banking and Insurance and pay annual fees, with some exceptions for banks and credit unions. These creditors must provide detailed information about their lending activities, including data on schools attended by borrowers, outstanding debt amounts, default rates, interest rates, and information on debts involving cosigners or refinanced loans. The bill also establishes protections for borrowers and cosigners, such as requiring creditors to provide clear information about cosigner release options, prohibiting certain collection practices, and mandating the discharge of debt in cases of total and permanent disability. Furthermore, it outlines specific documentation requirements for debt collectors and creditors attempting to collect on defaulted loans, and establishes legal recourse for borrowers and cosigners who suffer damages due to violations of the act, including the possibility of treble damages for filing false information in court.