CT HB05569

Banking Commissioner shall establish and post service standards for student loan servicers on the Department of Banking's website by July 1, 2017, effective October 1, 2016.

Student loan ombudsman may evaluate pathways toward debt-free education and submit recommendations to the joint standing committee on banking by July 1, 2017.

Student loan servicer licensees must maintain records of student education loan transactions for at least two years after final payment or assignment of the loan, or longer if required by law.

Student loan servicer licensees must provide requested records to the Banking Commissioner within five business days by mail or express delivery, with possible extensions granted at the Commissioner's discretion.

Exemption language is removed so that record-keeping and disclosure requirements apply only to licensed student loan servicers, not exempt persons.