§ 5-20-104 — Student loan ombudsperson - report - fund - rules

Colorado § 5-20-104

• Jurisdiction: Colorado
• Title 05: Consumer
• Art.: Colorado Student Loan Equity

Text

(1) The
administrator shall designate, support, and maintain a student loan ombudsperson
to provide timely assistance to student loan borrowers. The student loan
ombudsperson, in consultation with the administrator, shall:

(a) Complaints. Receive, review, and attempt to resolve complaints from
student loan borrowers, including in collaboration with institutions of higher
education, student loan servicers, and any other participants in student loan
lending, including originators servicing their own student education loans;

(b) Data. Compile and analyze data on student loan borrower complaints as
described in subsection (1)(a) of this section;

(c) Assistance. Assist student loan borrowers in understanding their rights
and responsibilities under the terms of student education loans;

(d) Information. Provide information to the public, agencies, legislators, and
others regarding the problems and concerns of student loan borrowers and make
recommendations for resolving those problems and concerns;

(e) Laws, rules, and policies. Analyze and monitor the development and
implementation of federal, state, and local laws, ordinances, regulations, rules, and
policies relating to student loan borrowers and recommend any necessary changes;

(f) Student loan history. Review the complete student education loan history
for a student loan borrower who provides written consent for the review;

(g) Availability. Disseminate information concerning the availability of the
student loan ombudsperson to assist student loan borrowers and potential student
loan borrowers, including disseminating the information to institutions of higher
education, student loan servicers, and any other participants in student education
loan lending with any servicing concerns;

(h) Education course. Establish and maintain a student loan borrower
education course within existing resources that includes educational presentations
and materials regarding student education loans. The course must include at least
key loan terms, documentation requirements, monthly payment obligations,
income-based repayment options, loan forgiveness, and disclosure requirements.

(i) Other actions. Take any other actions necessary to fulfill the duties of the
student loan ombudsperson as set forth in this section.

(2) Repealed.

(3) Student loan ombudsperson and student loan servicer licensing fund. (a) The student loan ombudsperson and student loan servicer licensing fund,
referred to in this section as the fund, is hereby created in the state treasury. The
fund consists of licensing and investigation fees collected pursuant to sections 5-20-107 and 5-20-203 (2)(a), civil penalties collected pursuant to sections 5-20-114,
5-20-117, and 5-20-203 (4), any other money required by law to be deposited in the
fund, and any other money that the general assembly may appropriate or transfer
to the fund.

(b) The state treasurer shall credit all interest and income derived from the
deposit and investment of money in the fund to the fund.

(c) All money held in the fund is continuously appropriated to the
department of law. The administrator shall expend money held in the fund to
administer this part 1.

Legislative History

Source: L. 2019: Entire article added, (SB 19-002), ch. 157, p. 1859, � 2, effective August 2. L. 2021: (3)(a) and (3)(c) amended, (SB 21-057), ch. 378, p. 2531, � 6, effective June 29.