The Attorney General’s office of Colorado will be holding a virtual meeting next week to discuss components of a new student loan servicing and collection law and draft rules that it has issued which are open to feedback from interested stakeholders.
The meeting will take place on Wednesday, July 14 at 10am MT via Zoom. The link to join the meeting virtually is available by clicking here.
The AG’s office is looking to move quickly because it is supposed to put into place a fee structure for a private education lender registry, establish requirements for the timing of required documents and information to be added to the registry, and to prescribe an alternative registration process and fee structure for public and private nonprofit postsecondary educational institutions. Those requirements are supposed to be in place by September 1. As such, the Administrator of the Uniform Consumer Credit Code in the Department of Law is considering an emergency rulemaking to implement the registration requirements and is seeking input from interested stakeholders. Feedback may be submitted via email to cslsa@coag.gov or by participating in the meeting next week.
Colorado Gov. Jared Polis signed the Colorado Student Loan Equity Act into law last month. It was introduced back in February. Among the provisions are:
- Prohibits the “robo-signing” of documents in collection lawsuits and requires specific documents be included in any collection lawsuit to document the origination and chain of ownership of the loan.
- Creates a private right of action for individuals “who are harmed by predatory acts” of creditors and collectors.
- Requires collectors to provide specific information, such as the name of the true original lender and every subsequent loan holder, a schedule of all transactions, and a copy of the original contract in the initial communication with an individual.
The law includes debt buyers in its definition of collection agencies.
