Student Loan Bill of Rights Becomes Law in Oregon
Earlier this year, Oregon became the 13th state to enact a Student Loan
Bill of Rights. The recently enacted law requires student loan servicers,
with some specified exceptions, to obtain a license before being permitted to
operate in the state. It also allows the state’s Director of the Department
of Consumer and Business Services to deny a license or renewal to anyone found
to have engaged in fraudulent, deceptive and dishonest practices. Additionally,
the new law requires licensees to maintain specified liquidity, operating reserves and tangible net worth.
The bill was requested by Oregon’s Attorney General.