Rhode Island now requires student loan servicers be registered, bonded

RHODE ISLAND — The new “Student Loan Bill of Rights Act” requires student loan servicers to be bonded and registered with the state. The law took effect July 15 and is meant prohibit any misleading, unfair or deceptive behavior and provide best practices for protecting consumers’ rights. In addition to requiring student loan servicer registration, the … Read more

Student loan servicers need surety bonds in Washington

WASHINGTON — Updates to the Consumer Loan Act include surety bond requirements for student loan services. Student loan businesses must post a $30,000 bond as part of the requirements to receive and maintain a license from the Washington State Department of Financial Institutions to able to legally work within the state. These updates are part … Read more