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TITLE 19 Banking Institutions. The enrollment conditions with this chapter shall perhaps perhaps maybe not connect with

CHAPTER 19-33 Education Loan Bill of Rights Act

SECTION 19-33-4

ยง 19-33-4. Enrollment of education loan servicers.

(a) each individual or entity who or that services any student training loan granted to a student-based loan debtor after 1, 2019, shall register with the department as a student loan servicer no later than September 30, 2019, or within thirty (30) days of conducting servicing of student education loans, whichever is earlier july.

(b) The enrollment conditions of the chapter shall maybe maybe not connect with:

(1) anybody or entity who or that solutions less than six (6) pupil training loans in this state during any consecutive twelve-month (12) duration; and

(2) anyone or entity that solutions loans for training except that postsecondary training.

(c) included in that enrollment, anyone or entity shall:

(1) finish a enrollment within the kind promulgated by the department supplying the information required by the application form;

(2) spend a yearly enrollment charge of just one thousand dollars ($1,000);

(3) give a bond when the registrant will probably be the obligor and which shall set you back their state for making use of the state as well as the one who could have a reason for action contrary to the obligor associated with the relationship underneath the conditions of this chapter. The relationship will probably be perpetual and will be trained upon the obligor conforming into the provisions with this chapter and all sorts of laws thereunder plus the obligor can pay towards the continuing state and also to anyone all cash that could become due or because of hawaii or to the individual through the obligor beneath the conditions with this chapter. The relationship shall directly provide for notice into the division in how specified because of the department in the event that relationship is canceled because of the surety for just about any reason. The relationship will be into the amount of fifty thousand dollars ($50,000);

(4) Appoint, and thereafter keep, an agent that is resident this state with authority to simply accept solution of procedure for the registrant in this state, such as the procedure of garnishment:

(i) solution of process upon the representative will probably be considered adequate solution upon the registrant; and

(ii) Any procedure, such as the means of garnishment, might be offered upon the manager, as representative associated with registrant, in case no resident representative is found upon whom solution may be made, or even the registrant has did not designate a resident agent as needed.

(d) No enrollment will probably be transferable or assignable. A modification of ownership of not as much as twenty-five % (25%) for the voting stock or equity passions of a registrant shall never be considered a transfer or project associated with the registration. A big change in ownership of twenty-five per cent (25%) or higher regarding the voting stock or equity passions shall need notification to your division, and enrollment by the transferee/assignee within fifteen (15) times of the 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 of this event of any associated with events that are following

(1) The organization of bankruptcy, receivership, reorganization, or insolvency proceedings regarding a registrant;

(2) The organization of every government that is adverse against a registrant; or

(3) Any felony indictment or conviction of any registrant or any officers, directors, owners, employees, users, or lovers thereof.

(f) education loan servicers shall designate and supply contact information for a person to express the education loan servicer in communications utilizing the division. These records will probably be updated within ten (10) days of any noticeable change thereto.

(g) enrollment will probably be legitimate for starters calendar 12 months, and education loan servicers will be expected to restore the department to their registration yearly.

(h) The division may evaluate an excellent of ten thousand bucks ($10,000) on any student loan decisive link servicer that services pupil training loans for thirty (30) or higher times without registering and complying aided by the conditions provided in this area.

(i) The division may share any information collected through its enrollment or study of education loan servicers aided by the attorney general.

fhlewis@allin1tech.com