§14-104. Student loan ombudsman

(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)

(WHOLE SECTION TEXT EFFECTIVE 1/1/20)

The superintendent shall, using licensing and investigation fees collected pursuant to section 14-107, support, maintain and designate a student loan ombudsman within the Department of Professional and Financial Regulation, Bureau of Consumer Credit Protection to provide timely assistance to student loan borrowers.   [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

The student loan ombudsman, in consultation with the superintendent, shall:   [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

1.  Complaints.  Receive, review and attempt to resolve complaints between:

A. Student loan borrowers; and   [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

B. Student loan servicers or any other participants in student education loan lending, including, but not limited to, originators servicing their own student education loans. The ombudsman may collaborate with institutions of higher education to attempt to resolve complaints;   [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

[PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

2.  Data.  Compile and analyze data on student loan borrower complaints as described in subsection 1 and as resolved pursuant to section 14-106;

[PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

3.  Assistance.  Assist student loan borrowers to understand their rights and responsibilities under the terms of student education loans;

[PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

4.  Information.  Provide information to the public, agencies, Legislators and others regarding the problems and concerns of student loan borrowers and make recommendations for resolving those problems and concerns;

[PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

5.  Laws, regulations and policies.  Analyze and monitor the development and implementation of federal, state and local laws, ordinances, regulations, rules and policies relating to student loan borrowers and recommend any necessary changes;

[PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

6.  Student loan history.  Review, as authorized and appropriate, the complete student education loan history for a student loan borrower who provides written consent for such a review;

[PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

7.  Outreach.  Provide sufficient outreach and disseminate information concerning the availability of the student loan ombudsman to assist student loan borrowers and potential student loan borrowers, public institutions of higher education, student loan servicers and any other participants in student education loan lending with any student education loan servicing concerns;

[PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

8.  Assistance with complaints.  Seek the assistance of an exempt organization in the resolution of a student loan borrower complaint as described in subsection 1 involving that exempt organization. The exempt organization shall cooperate with the student loan ombudsman as required by section 14-106. For purposes of this subsection, "exempt organization" means the Finance Authority of Maine and financial institutions exempt from this Article pursuant to section 14-107, subsection 1; and

[PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

9.  Other actions.  Take any other actions necessary to fulfill the duties of the student loan ombudsman as set forth in this Article.

[PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

SECTION HISTORY

PL 2019, c. 431, §2 (NEW). PL 2019, c. 431, §4 (AFF).