Section 15-102 - Private student lender registry1.Private student lender registry. A person may not engage in the business of student financing as a student financing company in the State unless the person:A. Registers with the superintendent under rules or procedures adopted by the superintendent, including the payment of a fee of not less than $500 annually; and [2021, c. 357, §1(NEW).]B. Provides the superintendent, at the time of registration under paragraph A and annually after registration, with the following information for the previous year: (1) A list of all providers of postsecondary education for which the person has provided student financing to a student residing in the State;(2) The number of student financing transactions made to students residing in the State;(3) The number of student financing transactions made for each provider of postsecondary education listed in subparagraph (1);(4) The default rate for a student obtaining student financing from the person; and(5) A sample copy of the promissory note, agreement, contract or other instrument used by the person to extend student financing. [2021, c. 357, §1(NEW).] [2021, c. 357, §1(NEW).]
2.Publicly accessible website. By November 15, 2022, the superintendent shall list on a publicly accessible website the following information, which must be updated on at least an annual basis:A. The name, address, telephone number and website address for each student financing company registered under this section; [2021, c. 357, §1(NEW).]B. A summary of the information required under subsection 1, paragraph B, subparagraphs (1) to (4); and [2021, c. 357, §1(NEW).]C. A sample copy of each promissory note, agreement, contract or other instrument provided to the superintendent pursuant to subsection 1, paragraph B, subparagraph (5). [2021, c. 357, §1(NEW).] [2021, c. 357, §1(NEW).]
Added by 2021SP1, c. 357,§ 1, eff. 10/18/2021.