ACA International’s licensing team is available to help with the new process.
12/4/2019 10:00
Student loan servicers seeking licenses based on a new law in Colorado are encouraged to submit their applications before the end of the year.
On May 13, 2019, the governor of Colorado signed into law S.B. 19-002 which, among other things, creates a licensing requirement for student loan servicers. S.B. 19-002, the “Colorado Student Loan Servicers Act” (“Act”), took effect Aug. 2, 2019.
The new law requires servicers of student loans owed by Colorado citizens to be licensed by Colorado’s Uniform Credit Code Administrator. According to the Colorado Department of Law, student loan servicers have until Jan. 31, 2020, to obtain a license in order to continue providing student loan services in the state of Colorado
The Colorado Attorney General’s Office has the license applications and forms available online and, due to the Jan. 31 deadline, recommends submitting applications no later than Jan. 1.
ACA International’s members who need assistance with the licensing process may contact the licensing unit at [email protected] or call (952) 926-6547.
Read more about the Colorado Student Loan Servicers Act in ACA’s coverage: New Colorado Bill Creates Licensing Requirements for Student Loan Servicers.