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Student Loan Servicer Regulations for Maine, New Jersey and Maryland

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Maine and New Jersey Join States Requiring Student Loan Servicer Licenses; Maryland Adds Designee Requirement

a blue map of the state of maineOn June 20, 2019 Maine Governor Janet Mills signed into law LD995. The law introduces a license among other requirements as part of "the Student Loan Bill of Rights." The law grants a directive for the Superintendent of Credit Protection to implement the new legislation by the effective date of 1/1/2020. Cornerstone Support will monitor when applications become available.

a blue map of the stateOn July 30, 2019 SB 1149 was signed into law by Acting New Jersey Governor Sheila Oliver. Among many requirements, this law institutes a license for any person acting as student loan servicer whether directly or indirectly. The law will take effect 120 days after enactment. Cornerstone Support will monitor when applications become available.

a blue map of the state of marylandOn May 13, 2019 Maryland Governor Larry Hogan signed HB 594 into law. The law establishes regulations of servicers but stops short of requiring licensure. According to the law, "ALL Student Loan Servicers MUST identify a designee to the Ombudsman." A Maryland Student Loan Servicer Designee Form must be filed and updated as needed with accurate information upon any change in the previously submitted information. This and other new regulations will go into effect October 1, 2019.

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