CHAPTER 19-33 Education Loan Bill of Rights Act
§ 19-33-4. Enrollment of education loan servicers.
(a) each individual or entity who or that solutions any pupil training loan granted to an educatonal loan debtor after 1, 2019, shall register with the department as a student loan servicer no later than September americashpaydayloans.com/payday-loans-id/ 30, 2019, or within thirty (30) days of conducting servicing of student education loans, whichever is earlier july.
(b) The enrollment conditions for this chapter shall maybe not affect:
(1) anybody or entity who or that solutions less than six (6) student training loans in this state during any twelve-month that is consecutive12) duration; and
(2) anybody or entity that solutions loans for training apart from postsecondary training.
(c) as an element of that enrollment, the individual or entity shall:
(1) finish an enrollment into the type promulgated by the division supplying the information required by the application form;
(2) spend a yearly enrollment cost of just one thousand bucks ($1,000);
(3) supply a bond when the registrant will be the obligor and which shall set you back their state for making use of the state as well as the one who might have a reason for action from the obligor associated with the relationship underneath the conditions of the chapter. The relationship will be perpetual and will probably be trained upon the obligor conforming towards the conditions of the chapter and all sorts of laws thereunder and also the obligor can pay to your state and also to anybody all cash that could become due or due to hawaii or even to the individual through the obligor beneath the conditions of the chapter. The relationship shall offer notice straight to your division in the way specified by the division if the relationship is canceled because of the surety for just about any reason. The relationship will probably be into the sum of fifty thousand dollars ($50,000);
(4) Appoint, and thereafter keep, a resident agent in this state with authority to just accept solution of procedure for the registrant in this state, like the procedure for garnishment:
(i) solution of process upon the representative will be considered enough solution upon the registrant; and
(ii) Any procedure, like the procedure for garnishment, might be served upon the manager, as representative for the registrant, in case no resident representative is found upon whom solution could be made, or perhaps the registrant has neglected to designate an agent that is resident needed.
(d) No enrollment will be transferable or assignable. A modification of ownership of lower than twenty-five per cent (25%) for the voting equity or stock passions of the registrant shall never be considered a transfer or project of this enrollment. An alteration in ownership of twenty-five per cent (25%) or maybe more of this voting stock or equity passions shall need notification towards the division, and enrollment by the transferee/assignee within fifteen (15) times of the noticeable improvement in ownership. An alteration in title shall need notification to your division within fifteen (15) times.
( ag e) Any registrant shall, within twenty-four (24) hours after real knowledge, notify the division associated with event of every associated with the events that are following
(1) The organization of bankruptcy, receivership, reorganization, or insolvency procedures regarding a registrant;
(2) The organization of any negative federal government action against a registrant; or
(3) Any felony indictment or conviction of any registrant or any officers, directors, owners, workers, people, or lovers thereof.
(f) education loan servicers shall designate and supply email address for a person to express the education loan servicer in communications using the department. These records will probably be updated within ten (10) times of any change thereto.
(g) enrollment will probably be legitimate for starters calendar 12 months, and education loan servicers will probably be necessary to restore the department to their registration annually.
(h) The division may evaluate an excellent of ten thousand bucks ($10,000) on any education loan servicer that solutions pupil training loans for thirty (30) or higher times without registering and complying aided by the conditions provided in this area.
(i) The division may share any information collected through its enrollment or study of student loan servicers because of the attorney general.