CT HB06915

Establishes a Student Loan Ombudsman position within the Department of Banking, effective October 1, 2015, to receive and resolve complaints from student loan borrowers and provide education on student loan rights and responsibilities.

Requires the Student Loan Ombudsman to compile complaint data, assist borrowers in understanding their obligations, and analyze federal and state student loan policies, with annual reporting to the General Assembly beginning January 1, 2016.

Mandates licensing of student loan servicers by the Banking Commissioner effective July 1, 2016, with a $1,000 license fee and $800 investigation fee, except for banks, credit unions, and their wholly-owned subsidiaries.

Prohibits student loan servicers from engaging in fraud, deception, misapplication of payments, inaccurate credit reporting, or refusing communication with authorized borrower representatives.

Grants the Banking Commissioner authority to conduct investigations and examinations of student loan servicers, including access to records and subpoena power, with ability to suspend, revoke, or refuse renewal of licenses for violations.