ND SB2130

Changes "shall" to "may" in sections 15-62.1-04, 15-62.1-06, 15-62.1-07, and 15-62.1-10 to make agency actions discretionary rather than mandatory regarding student loan repayment rules and federal program compliance.

Establishes administrative collection procedures allowing the Bank of North Dakota to collect defaulted student loans without court judgment, including issuance of collection orders, hearings before administrative law judges, and 30-day notice and response periods for borrowers and cosigners.

Creates liens on borrower and cosigner property for defaulted loan amounts including principal, interest, and collection costs, effective 30 days after notice of collection order or final agency decision, enforceable through garnishment proceedings.

Authorizes the agency to assess collection costs up to 25 percent of accumulated principal and interest on defaulted loans and to request suspension of occupational and professional licenses.

Applies all new collection rights and remedies retroactively to all borrowers and cosigners for loans executed at any time.