(a)  The director, after an administrative hearing pursuant to chapter 35 of Title 42, may issue fines upon a finding that the registrant violated the provisions of this chapter, or any regulation or order lawfully made pursuant to this chapter; or take any other action provided for in this chapter.

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Terms Used In Rhode Island General Laws 19-33-10

  • Director: means the director of the department of business regulation or designee. See Rhode Island General Laws 19-33-2
  • Student education loan: means any loan made to a student loan borrower primarily for personal use to finance postsecondary education or other school-related expenses, and does not include an extension of credit under an open-end consumer credit plan, a reverse mortgage transaction, a residential mortgage transaction, or any other loan that is secured by real property or a dwelling. See Rhode Island General Laws 19-33-2
  • Student loan servicer: means any person or entity who or that engages in student loan servicing as defined in this chapter. See Rhode Island General Laws 19-33-2

(b)  Any student loan servicer or the members, officers, directors, agents, and employees of any student loan servicer who or that violate or participate in the violation of any of the applicable provisions of this chapter, or any regulation promulgated thereunder, shall be punished by a fine of not more than two thousand dollars ($2,000) per violation. Each student education loan constitutes a separate offense.

History of Section.
P.L. 2019, ch. 199, § 1; P.L. 2019, ch. 265, § 1.