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AR SB526
Bill
Status
4/24/2019
Primary Sponsor
Alan Clark
Click for details
AI Summary
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Requires a financial counselor associated with a state-supported two-year or four-year institution of higher education to be present and consult with a student when the student signs a document to borrow a student education loan on campus property, subject to federal law restrictions.
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The financial counselor present must sign a document indicating they were present and consulted with the student.
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Allows a parent or legal guardian's signature to substitute for the financial counselor's signature if the counselor does not sign the required document.
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Defines "student education loan" as a federal or state loan primarily used to finance education or other school-related expenses.
Legislative Description
To Require The Presence Of A Financial Counselor Under Certain Conditions When A Student Of A State-supported Institution Of Higher Education Signs A Document To Borrow A Student Education Loan.
Last Action
Recommended for study in the Interim Committee on EDUCATION COMMITTEE - SENATE
4/24/2019