Rhode Island General Laws 19-33-3. Borrower assistance, education, and complaints
(a) The department of attorney general’s consumer protection unit, in collaboration with the director, general treasurer, and commissioner, shall:
(1) Receive, review, and attempt to resolve complaints from student loan borrowers;
(2) Compile and analyze data on student loan borrower complaints;
(3) Assist student loan borrowers to understand their rights and responsibilities under the terms of student education loans;
(4) Provide information to the public, agencies, the general assembly, and others regarding the problems and concerns of student loan borrowers and make recommendations for resolving those problems and concerns;
(5) Share information concerning the availability of the consumer protection unit to assist student loan borrowers and potential student loan borrowers, as well as public institutions of higher education, student loan servicers, and any other participant in student education loan lending with any student loan servicing concerns; and
(6) Take any other actions necessary to fulfill the borrower assistance, education, and complaints-related duties in this chapter.
Terms Used In Rhode Island General Laws 19-33-3
- Commissioner: means the commissioner of postsecondary education. See Rhode Island General Laws 19-33-2
- Department: means the department of business regulation, division of banking. See Rhode Island General Laws 19-33-2
- Director: means the director of the department of business regulation or designee. See Rhode Island General Laws 19-33-2
- servicing: means :
(i)(A) Receiving any scheduled periodic payments from a student loan borrower or notification of such payments; and
(B) Applying payments to the student loan borrower's account pursuant to the terms of the student education loan or of the contract governing the servicing;
(ii) During a period when no payment is required on a student education loan, maintaining account records for the loan; and
(iii) Communicating with the student loan borrower regarding the loan, on behalf of the loan's holder; or
(iv) Interactions with a student loan borrower, including activities to help prevent default on obligations arising from student education loans, conducted to facilitate the activities described in this section. 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 borrower: means :
(i) Any resident of this state who has received or agreed to pay a postsecondary student education loan; or
(ii) Any person who shares responsibility, as a guarantor or by other legal obligation, with such resident for repaying the postsecondary student education loan for another. See Rhode Island General Laws 19-33-2
(b) The attorney general, the director, the general treasurer, and the commissioner, or designees, shall meet at least once per quarter to coordinate their efforts under this chapter.
History of Section.
P.L. 2019, ch. 199, § 1; P.L. 2019, ch. 265, § 1.