The attorney general is considering emergency rulemaking to implement the registration requirements and seeks public input on the law before the July 14 meeting.
7/7/2021 11:00
The Colorado Attorney General is inviting stakeholder input on rules to implement the Colorado Student Loan Equity Act in a meeting online at 10 a.m. MDT July 14.
The meeting will cover feedback on the fees, timing of document and information requirements, and alternative registration processes for rulemaking under the Colorado Student Loan Equity Act from interested parties.
Colorado Gov. Jared Polis signed SB21-057 into law on June 29. It expands the existing Colorado Student Loan Servicers Act, which applies only to persons who service student loans, by adding a new part covering private lenders, creditors and collection agencies in connection with those student education loans that are not made, insured or guaranteed under federal law and that are used for postsecondary education.
ACA International members testified on the bill during hearings this spring following a campaign to get input from members with creditor clients working in the private student loan space in Colorado, ACA previously reported.
The law authorizes the administrator of the Uniform Consumer Credit Code in the Department of Law to establish fees for the private education lender registry, to set requirements for the timing of required documents and information for the registry and to prescribe an alternative registration process and fee structure for public and private nonprofit postsecondary educational institutions.
Registration is required by Sept. 1, 2021. The administrator is considering emergency rulemaking to implement the registration requirements and seeks public input. In particular, the administrator seeks information about the number of entities that will need to register.
The administrator is accepting written feedback on the fees, timing of documents and information requirements, and alternative registration processes by July 14, 2021. Written feedback may be submitted by email at [email protected]. Verbal feedback will also be accepted during the July 14 meeting.
For more information, view the meeting notice, as well as a copy of the proposed draft rules to implement the law.
Third party debt collection agencies licensed in Colorado will also receive this notice from the attorney general.
For more information on how the ACA licensing staff can assist with your licensing application completion needs, please contact us at [email protected] or call (952) 926-6547.
