Section 15-103 - Violations1.Fine. The superintendent may impose a fine of up to $25,000 on a person for any violation of this Article. Each violation of this Article or of any rule adopted pursuant to section 15-104 is a separate offense for the purposes of this section. [2021, c. 357, §1(NEW).]
2.Suspended from operating in State. If the superintendent finds that a person has knowingly violated any provision of this Article and the violation caused financial harm to a student, the superintendent may suspend the person from operating as or bar the person from being a stockholder, officer, director, partner, owner or employee of a student financing company for a period of up to 10 years. [2021, c. 357, §1(NEW).]
3.Crime. A violation of this Article is a Class E crime. [2021, c. 357, §1(NEW).]
4.Private right of action. A student financing company that fails to comply with this Article is liable to any person or class of persons obligated on such student financing contract for any of the following:A. Actual damages or $500, whichever is greater; [2021, c. 357, §1(NEW).]B. An order enjoining the methods, acts or practices; [2021, c. 357, §1(NEW).]C. Restitution of property; [2021, c. 357, §1(NEW).]D. Punitive damages; [2021, c. 357, §1(NEW).]E. Attorney's fees; and [2021, c. 357, §1(NEW).]F. Any other relief that the court determines proper, including a declaration that the contract between the person or class of persons and the student financing company is void and unenforceable. [2021, c. 357, §1(NEW).] [2021, c. 357, §1(NEW).]
5.Remedies. Any violation of this Article is subject to the remedies provided in this section in addition to remedies otherwise provided by law. [2021, c. 357, §1(NEW).]
Added by 2021SP1, c. 357,§ 1, eff. 10/18/2021.