CHAPTER 19-33 Education Loan Bill of Rights Act
§ 19-33-4. Enrollment of education loan servicers.
(a) each individual or entity who or that solutions any pupil training loan released to a student-based loan debtor after 1, 2019, shall register with the department as a student loan servicer no later than September 30, 2019, or within thirty (30) days of conducting servicing of student education loans, whichever is earlier july.
(b) The enrollment conditions of the chapter shall perhaps maybe not connect with:
(1) anyone or entity who or that solutions less than six (6) pupil training loans in this state during any consecutive twelve-month (12) duration; and
(2) anybody or entity that solutions loans for training apart from postsecondary training.
(c) included in that enrollment, the individual or entity shall:
(1) finish an enrollment into the type promulgated by the department supplying the information required by the program;
(2) spend a yearly enrollment cost of just one thousand bucks ($1,000);
(3) supply a bond when the registrant will be the obligor and which shall cost their state for the employment of the state and of the one who could have a reason for action from the obligor associated with the relationship underneath the conditions with this chapter. The bond will probably be perpetual and will probably be conditioned upon the obligor conforming towards the conditions of the chapter and all sorts of laws thereunder additionally the obligor will probably pay into the continuing state and also to anybody all money which will be due or because of their state or even the individual through the obligor beneath the conditions of the chapter. The relationship shall give notice straight to your division in how specified by the division in the event that relationship is canceled by the surety for almost any explanation. The relationship will probably be within the amount of fifty thousand bucks ($50,000);
(4) Appoint, and thereafter keep, an agent that is resident this state with authority to just accept solution of procedure for the registrant in this state, such as the procedure of garnishment:
(i) solution of process upon the representative will be considered service that is sufficient the registrant; and
(ii) Any process, such as the means of garnishment, might be offered upon the manager, as representative of this registrant, in case no resident agent can be located upon whom solution may be made, or even the registrant has didn’t designate a resident agent as needed.
(d) No registration will probably be transferable or assignable. A modification of ownership of significantly less than twenty-five per cent (25%) for the voting stock or equity passions of a registrant shall never be considered a transfer or assignment of this enrollment. A big change in ownership of twenty-five per cent (25%) or maybe more for the voting stock or equity passions shall need notification to your division, and enrollment by the transferee/assignee within fifteen (15) times of the change in ownership. An alteration in name shall require notification into the division within fifteen (15) times.
( ag ag e) Any registrant shall, within twenty-four (24) hours after real knowledge, notify the department associated with the event of any associated with the events that are following
(1) The organization of bankruptcy, receivership, reorganization, or insolvency procedures regarding a registrant;
(2) The organization of any government that is adverse against a registrant; or
(3) Any felony indictment or conviction of every registrant or any officers, directors, owners, workers, people, or lovers thereof.
(f) education loan servicers shall designate and offer contact information for a person to express the education loan servicer in communications because of the division. These records will be updated within ten (10) days of any change thereto.
(g) enrollment will probably be legitimate for just one calendar 12 months, and education loan servicers will probably be expected to renew the department to their registration yearly.
(h) The division may evaluate a superb of ten thousand dollars ($10,000) payday loans Delaware on any education loan servicer that solutions pupil training loans for thirty (30) or even more days without registering and complying using the conditions provided in this part.
(i) The division may share any information collected through its registration or study of education loan servicers because of the attorney general.