D56F07314AA546F9872583D9006B409B Hearing Summary

Representatives Roberts and Jackson, co-sponsors, presented Senate Bill 19-002, concerning the regulation of student loan servicers. The bill requires student loan servicers to obtain a license from the Administrator of the Uniform Consumer Credit Code in the Department of Law. The bill also establishes the Student Loan Ombudsperson, within the Office of the Attorney General, to provide assistance to student loan borrowers by responding to complaints, analyzing data, and creating education materials and courses. The bill sponsors responded to questions from the committee.

The following people provided testimony:

Nikolai Frant, representing the Office of the Attorney General, responded to questions from the committee regarding the bill.

Kurt Morrison, representing the Office of the Attorney General, stated that the Attorney General supports the bill and answered questions from the committee.

Trey Rogers, representing Educational Credit Management Corporation, testified in opposition to the bill and distributed a copy of his testimony to the committee (Attachment A).

Anna Lee, representing herself, testified in support of the bill.

Charley Olena, New Era Colorado, testified in support of the bill and distributed letters from students to the committee (Attachment B).

Gabrielle Healy, representing herself, testified in support of the bill.

The above three-person panel responded to questions from the committee.

Jennifer Waller, representing Colorado Banker Association, testified in support of the bill.

Mary Marchun, representing Independent Bankers of Colorado, testified in support of the bill.

Ms. Waller and Ms. Marchum responded to questions from the committee.

Ryan Case, American Federation of Teachers, testified in support of the bill.

Representatives Jackson and Roberts made concluding comments on the bill, and committee discussion ensued.