(1)On or after September 1, 2021, a person shall not offer or make a private education
loan to a resident of Colorado without first registering with the administrator as
provided in this section.
(2)A private education creditor shall:
(a)Register with the administrator pursuant to any registration procedures
set forth by the administrator and pay the fee set by the administrator by rule; and
(b)Provide the administrator, at the time of registration and not less than
once per year thereafter, as established by the administrator by rule, and at other
times upon the administrator's request, with the following documents and
information:
(I)A list of all schools at which the private education creditor has provided a
private education credit obligation to a private education cr
Free access — add to your briefcase to read the full text and ask questions with AI
(1)
On or after September 1, 2021, a person shall not offer or make a private education
loan to a resident of Colorado without first registering with the administrator as
provided in this section.
(2) A private education creditor shall:
(a) Register with the administrator pursuant to any registration procedures
set forth by the administrator and pay the fee set by the administrator by rule; and
(b) Provide the administrator, at the time of registration and not less than
once per year thereafter, as established by the administrator by rule, and at other
times upon the administrator's request, with the following documents and
information:
(I) A list of all schools at which the private education creditor has provided a
private education credit obligation to a private education credit borrower; except
that this requirement does not apply to a private education credit obligation that is
refinanced;
(II) The volume of private education loans made annually to private education
loan borrowers;
(III) The volume of private education credit obligations made annually at
each school identified under subsection (2)(b)(I) of this section; except that this
requirement does not apply to a private education credit obligation that is
refinanced;
(IV) The default rate for private education credit borrowers obtaining private
education credit obligations from the private education creditor, including the
default rate for private education credit obligations made to private education
credit borrowers at each school listed pursuant to subsection (2)(b)(I) of this
section; except that this requirement does not apply to a private education credit
obligation that is refinanced;
(V) A copy of each model promissory note, agreement, contract, or other
instrument used by the private education lender during the previous year to
substantiate that a private education loan has been extended to a private education
loan borrower or that a private education loan borrower owes a debt to the lender;
and
(VI) The name and address of the private education lender and any officer,
director, partner, or owner of a controlling interest of the lender.
(3) The administrator shall create a publicly accessible website that includes
the following information about private education lenders registered in Colorado:
(a) The name, address, telephone number, and website for all registered
private education lenders;
(b) A summary of the information required under subsections (2)(b)(I) to
(2)(b)(VI) of this section; and
(c) Copies of all model promissory notes, agreements, contracts, and other
instruments provided to the administrator under subsection (2)(b)(V) of this section.
(4) The administrator may impose civil penalties on private education lenders
and collection agencies in the same amounts, in substantially the same manner, and
on substantially the same grounds as provided in sections 5-20-114 to 5-20-117 for
the imposition of civil penalties on student loan servicers.
(5) The administrator may order that any person who has been found to have
violated any provision of this part 2, or of the rules issued pursuant to this part 2,
and has thereby caused financial harm to a consumer be barred for a term not
exceeding ten years from acting as a private education lender or a stockholder,
officer, director, partner or other owner, or employee of a private education lender.
(6) The administrator may prescribe an alternative registration process and
fee structure for public and private nonprofit postsecondary educational
institutions.
(7) An entity that is required to file a notification with the administrator
pursuant to section 5-6-202 or required to hold a license pursuant to section 5-2-301, 5-16-118, or 5-20-106 is exempt from registration under this section but is
subject to all other requirements of this part 2.
(8) The administrator may waive registration fees for:
(a) Private education creditors that make, extend, or hold fewer than five
private education credit obligations in the year starting September 1 preceding the
registration; and
(b) State or local governmental entities.