Home News More states pass student loan servicer laws – Politico

More states pass student loan servicer laws – Politico


MORE STATES PASS LAWS TARGETING STUDENT LOAN COMPANIES: Three more states are defying the Trump administration in passing laws to create new rules for companies that collect federal student loans.

— Colorado Gov. Jared Polis (D) and Maryland Gov. Larry Hogan (R) each signed legislation this week to regulate student loan companies operating in their respective states. They join New York Gov. Andrew Cuomo (D), who won passage of a new student loan servicing law as part of his budget earlier this year.

— The trio significantly expands the number of states that have passed laws meant to crack down on abuses by student loan servicing companies. California, Connecticut and Illinois were among the states that previously passed such laws, which typically require student loan servicers to be licensed and regulated by state officials.

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