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 granted to an educatonal loan debtor after July 1, 2019, shall register with all the department as an educatonal loan servicer no later than September 30, 2019, or within thirty (30) times of performing servicing of pupil training loans, whichever is early in the day.
(b) The enrollment conditions of the chapter shall maybe perhaps not connect with:
(1) anybody or entity who or that solutions less than six (6) pupil training loans in this state during any twelve-month that is consecutive12) duration; and
(2) anyone or entity that solutions loans for training except that postsecondary education.
(c) included in that enrollment, the individual or entity shall:
(1) Complete an enrollment within the kind promulgated by the division supplying the information required by the program;
(2) spend a registration that is annual of 1 thousand bucks ($1,000);
(3) create a bond where the registrant will be the obligor and which shall set you back their state for the usage of their state as well as the one who might have a reason https://americashpaydayloans.com/payday-loans-sc/ for action from the obligor for the relationship beneath the conditions of the chapter. The relationship will be perpetual and will probably be trained upon the obligor conforming into the conditions of the chapter and all sorts of regulations thereunder plus the obligor can pay into the continuing state and also to anybody all cash which could be due or due to their state or even to the person through the obligor beneath the conditions of the chapter. The relationship shall allow for notice straight towards the division in how specified by the division in the event that relationship is canceled because of the surety for almost any explanation. The bond will probably be when you look at the amount of fifty thousand bucks ($50,000);
(4) Appoint, and thereafter keep, a resident agent in this state with authority to simply accept service of procedure for the registrant in this state, like the procedure of garnishment:
(i) solution of process upon the representative will be considered enough solution upon the registrant; and
(ii) Any procedure, like the procedure for garnishment, can be offered upon the manager, as representative of this registrant, in case no resident representative can be obtained upon whom solution is made, or the registrant has neglected to designate an agent that is resident needed.
(d) No registration will probably be transferable or assignable. An alteration in ownership of lower than twenty-five per cent (25%) associated with the voting stock or equity passions of the registrant shall never be considered a transfer or project for the enrollment. An alteration in ownership of twenty-five per cent (25%) or even more of this voting stock or equity passions shall need notification to your division, and enrollment because of the transferee/assignee within fifteen (15) times of the noticeable improvement in ownership. A modification of title shall need notification into the division within fifteen (15) times.
( ag e) Any registrant shall, within twenty-four (24) hours after real knowledge, notify the division regarding the incident of any associated with events that are following
(1) The organization of bankruptcy, receivership, reorganization, or insolvency procedures regarding a registrant;
(2) The organization of any unfavorable federal government action against a registrant; or
(3) Any felony indictment or conviction of any registrant or any officers, directors, owners, workers, users, or lovers thereof.
(f) education loan servicers shall designate and offer email address for a person to express the education loan servicer in communications aided by the division. These records will be updated within ten (10) times of any change thereto.
(g) enrollment will be legitimate for example calendar 12 months, and education loan servicers will probably be expected to restore their enrollment utilizing the division yearly.
(h) The division may evaluate an excellent of ten thousand dollars ($10,000) on any education loan servicer that solutions pupil training loans for thirty (30) or higher times without registering and complying utilizing the conditions provided in this area.
(i) The division may share any information collected through its enrollment or study of student loan servicers aided by the attorney general.