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CO SB043
Bill
AI Summary
- Prohibits private educational lenders from offering gifts to educational institutions in exchange for loan-related advantages or engaging in revenue sharing arrangements
- Bans fees or penalties on borrowers for early repayment or prepayment of private education loans
- Requires private educational lenders to disclose comprehensive loan information at application and consummation, including interest rates, fees, payment options, total repayment costs, and federal loan alternatives
- Grants borrowers a 30-day consideration period after loan approval to accept terms without lender changes (except index adjustments) and a 3-business-day cancellation right after loan consummation
- Effective September 15, 2016, subject to potential referendum petition requiring voter approval in November 2016
Legislative Description
Student Loans Consumer Protections
Last Action
Senate Committee on State, Veterans, & Military Affairs Postpone Indefinitely
2/17/2016
Committee Referrals
State, Veterans, & Military Affairs1/19/2016
Full Bill Text
No bill text available