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MN SF998
Bill
Status
Introduced
2/1/2023
Primary Sponsor
Tou Xiong
Click for details
AI Summary
- Commissioner of Commerce must designate a student loan advocate within the Department of Commerce to provide timely assistance to borrowers.
- Advocate must receive, review, and resolve borrower complaints in collaboration with institutions of higher education, student loan servicers, and other student loan lending participants.
- Advocate must compile and analyze complaint data, help borrowers understand loan rights and responsibilities, and provide information to public agencies and legislators about borrower problems.
- Advocate must establish and maintain a borrower education course covering student loan terminology, documentation requirements, payment obligations, income-based repayment options, loan forgiveness programs, and disclosure requirements.
- Advocate must submit biennial reports by January 15 of each odd-numbered year to legislative committees with jurisdiction over commerce and higher education describing implementation, outcomes, and recommendations to improve regulation of student loan servicers.
Legislative Description
Student loan advocate establishment
Last Action
Author added Oumou Verbeten
3/8/2023
Committee Referrals
Commerce and Consumer Protection3/6/2023
Higher Education2/16/2023
Commerce and Consumer Protection2/1/2023
Full Bill Text
No bill text available