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April 24, 2023
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