Bill > S2421

This bill establishes a student loan ombudsman within the office of the state attorney general to receive, review, and assist in resolving complaints from student loan borrowers. The bill also creates the Student Loan Assistance Trust Fund, administered by the attorney general's office, to fund the ombudsman's work, provide direct counseling and assistance to borrowers, and pursue legal action on their behalf. Additionally, the bill requires student loan servicers to be licensed by the state, with exemptions for banks, credit unions, and nonprofit colleges. The Division of Banks is tasked with regulating student loan servicers and sharing information with the ombudsman. The bill aims to protect student loan borrowers by establishing a state-level oversight and assistance framework.

Budget and Finance

https://malegislature.gov/Bills/190/S2421