Regulate Student Education Loan Servicers

Section 2 of the bill requires an entity that services a student education loan pursuant to a contract with the federal government to be licensed by the administrator of the 'Uniform Consumer Credit Code'. 'Servicing' means receiving a scheduled periodic payment from a student loan borrower, applying the payments of principal and interest with respect to the amounts received from a student loan borrower, and similar administrative services. Section 4 makes the bill effective on September 1, 2018.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)