Hinshaw Releases Fifth Edition of "Student Loan Servicing Guide: 50 State Survey of Laws and Legislation"
Hinshaw & Culbertson LLP today announced the publication of the Fifth Edition of its 50 State Guide on Student Loan Servicing Regulations. The guide aims to inform readers of the laws specific to the student loan industry by providing state-by-state summaries of legislation, an overview of who is impacted, the process for licensure, lender and servicer's duties and prohibitions, and the state's enforcement powers.
For the first time, a supplement will accompany the guide, expanding the scope to cover legislation specifically aimed at regulating private student loan origination and servicing. At least five state laws expressly cover private lending activity, besides servicing. Multiple states require registration prior to lending and reporting thereafter, with at least one state creating a private right of action for failure to register.
Since the Fourth Edition, multiple states, such as Oklahoma and Oregon have enacted new servicing legislation. However, the real focus on student loans has shifted towards private student loans, and in particular, on origination activities.
Hinshaw's 50 State Guide on Student Loan Servicing Regulations is designed to serve as a quick reference and resource for student loan lenders and servicers regarding industry-specific regulations, as well as pending state legislation, litigation, and court rulings.
Note, this guide does not contain legal advice or establish an attorney-client relationship. We recommend review of the actual language and status of each law and piece of legislation as well as continued review on an ongoing case-by-case basis and consultation with counsel as appropriate to ensure compliance.