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Committee advances bill requiring private nonprofit postsecondary institutions that service loans to file annual reports
Summary
The Senate Banking Committee advanced S.7752, a bill requiring private nonprofit postsecondary institutions that service student loans to file annual reports about the loans they service.
The Senate Banking Committee reported out S.7752, sponsored by Senator James Sanders Jr., a proposal to amend the Financial Services Law to require private, not-for-profit postsecondary providers that service student loans to submit an annual report about the loan services they provide.
Committee members asked whether the measure applied to loan servicers such as credit unions or to educational institutions…
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