CHAPTER 19-33 Education Loan Bill of Rights Act
§ 19-33-4. Enrollment of education loan servicers.
(a) every person or entity who or that solutions any pupil training loan granted to a student 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 registration conditions for this chapter shall maybe perhaps not connect with:
(1) anyone 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 aside from postsecondary training.
(c) as an element of that enrollment, the individual or entity shall:
(1) Complete a registration when you look at the type promulgated by the division supplying the information required by the program;
(2) Pay a yearly enrollment charge of just one thousand dollars ($1,000);
(3) supply a bond when the registrant will probably be the obligor and which shall set you back their state for the employment of the state as well as the person who could have a factor in action contrary to the obligor of this relationship underneath the conditions for this chapter. The relationship will be perpetual and will be trained upon the obligor conforming to your conditions with this chapter and all sorts of laws thereunder as well as the obligor can pay to your continuing state and also to anyone all cash that could be due or due to their state or even to anyone through the obligor under the conditions of the chapter. The relationship shall directly provide for notice to your division in the way specified by the division if the relationship is canceled by the surety for almost any reason. 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 just accept solution of procedure for the registrant in this state, such as the procedure for garnishment:
(i) solution of process upon the representative will probably be considered enough solution upon the registrant; and
(ii) Any procedure, like the procedure for garnishment, could be offered upon the manager, as representative of this registrant, in case no resident representative can be obtained upon whom solution may be made, or perhaps the registrant has did not designate an agent that is resident needed.
(d) No enrollment will be transferable or assignable. A big change in ownership of significantly less than twenty-five per cent (25%) for the voting stock or equity passions of the registrant shall never be considered a transfer or project associated with the registration. An alteration in ownership of twenty-five per cent (25%) or maybe more regarding the voting stock or equity passions shall need notification to your division, and enrollment by the transferee/assignee within fifteen (15) days of the improvement in ownership. A modification of title shall need notification into the division within fifteen (15) times.
( ag ag ag e) Any registrant shall, within twenty-four (24) hours after real knowledge, notify the division associated with the incident of every regarding the events that are following
(1) The organization of bankruptcy, receivership, reorganization, or insolvency procedures 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, workers, people, or partners thereof.
(f) education loan servicers shall designate and offer email address for a person to express the education loan servicer in communications using the division. These records will probably be updated within ten (10) days of any change thereto.
(g) enrollment will probably be legitimate for starters calendar 12 months, and education loan servicers will probably 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 education loan servicer that www.americashpaydayloans.com/payday-loans-ut/ solutions 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 utilizing the attorney general.