April 24, 2023

Massachusetts Enacts and you can Tools The new Education loan Maintenance Laws

The challenge: Massachusetts recently enacted an excellent “Student loan Debtor Statement out-of Liberties” (“SL Statement out-of Legal rights”) you to definitely ran toward impact on , in addition to Massachusetts Division away from Banking institutions (“DOB”) even offers issued using legislation to your SL Bill of Legal rights.

The end result: The fresh SL Expenses away from Rights brings up yet another regulating landscaping to own servicers when you look at the Massachusetts. People servicer that properties an educatonal loan out-of a great Massachusetts debtor need certainly to adhere to the brand new servicing conditions set forth therein as well as in the relevant regulations. As well, non-lender servicers should know about that they’re now essentially necessary to apply for a repair licenses.

Searching To come: Servicers would be to simply take appropriate actions to make certain conformity to your SL away from Expenses Liberties and its particular associated laws. Read More