CT HB05318

Requires private education lenders to register with the Banking Commissioner prior to making private education loans to Connecticut residents, effective October 1, 2022

Mandates private education lenders submit annual reports including lists of schools attended by borrowers, number and dollar amount of loans made, interest rate spreads, default rates, and copies of loan documents and promissory notes

Establishes a publicly accessible website maintained by the Banking Commissioner displaying registered lender information, contact details, loan summaries, and model loan documents

Excludes banks, credit unions, consumer collection agencies, student loan servicers, and the Connecticut Higher Education Supplemental Loan Authority from registration requirements

Authorizes the Banking Commissioner to enforce compliance and bar violators who caused consumer financial harm from acting as private education lenders for up to ten years