2016 Senate Bill 907

Impose licensure, fees, regulations on some student loan servicers

Introduced in the Senate

April 21, 2016

Introduced by Sen. Coleman Young (D-1)

To impose licensure on entities that service student loans (administer or collect on them), including detailed regulations and nonrefundable license application and background check fees totaling $1,800. Banks and other financial institutions would be exempt.

Referred to the Committee on Banking and Financial Institutions