Senate Bill 23-248 Summary

• Creates a Consumer Credit Unit Cash Fund effective July 1, 2024, consolidating fees from supervised loans, credit sales, rental purchase agreements, collection agencies, and student loan servicers into a single fund for administration and enforcement.

• Shifts licensing and fee renewal dates from January 31 to July 1 annually for supervised lenders, credit sale assignees, rental purchase agreement lessors, and other regulated entities.

• Expands loan servicing requirements to include "servicing supervised loans" under licensing authority and adds remote work provisions for collection agencies and student loan servicers with safeguards for data security and consumer privacy.

• Revises private education credit obligation regulations to include payment plans and financing arrangements, adds definitions for refinanced obligations, and requires creditors to disclose cosigner rights, release procedures, and offer modified repayment options consistently.

• Strengthens consumer protections for private education credit borrowers by requiring collection agencies to provide detailed loan documentation, limiting debt collection litigation to six years from payment default, and allowing borrowers to recover damages including treble damages for violations.