HB 6690 Summary

• Establishes a student loan registry requiring private education lenders and creditors to register with the Banking Commissioner and provide annual information on outstanding loans, interest rates, default rates, and legal actions taken against borrowers.

• Creates an Office of the Student Loan Ombudsman within the Department of Banking to receive and resolve complaints from student loan borrowers, compile complaint data, and provide educational information about student loan rights and responsibilities.

• Requires the Student Loan Ombudsman to submit annual reports to the General Assembly beginning January 1, 2024, on office implementation, effectiveness, and steps needed for the Department of Banking to gain regulatory control over student loan servicers.

• Makes the Banking Commissioner responsible for enforcing the registry requirements and authorizes penalties including barring violators for up to 10 years from acting as private education lenders or their owners/officers.

• Establishes a publicly accessible website displaying registered lenders' contact information, loan data summaries, and model loan documents; all provisions effective October 1, 2023.