CO HB1415

Requires student loan servicers to obtain a supervised lender license from the Colorado Division of Consumer Credit before operating in the state, with exemptions for state and federally chartered banks, credit unions, and their wholly owned subsidiaries.

Defines "servicing" to include receiving scheduled payments from borrowers, applying payments of principal and interest, collecting payments, and performing other administrative services, but excludes originating or making loans.

Applies all provisions of Colorado's Uniform Consumer Credit Code that govern supervised lenders equally to licensed student loan servicers, subjecting them to the same regulatory standards and requirements.

Allows the administrator to enforce the code against nongovernmental student loan servicers even for loans originated, disbursed, or guaranteed by state agencies, instrumentalities, or political subdivisions.

Takes effect September 1, 2018, subject to referendum petition provisions outlined in the state constitution.