Amendment ID: S2380-5

Amendment 5

Student Loan Servicer

Mr. Tarr moves to amend the bill by adding at the end thereof the following section:--

SECTION 8. Section 24A of chapter 93 is hereby amended by inserting after subsection (d) the following subsection:-

(e)    A student loan servicer licensed under the provisions of chapter 93L engaged solely in the activities of a student loan servicer shall not be required to register as a third party loan servicer pursuant to section 24A(b) of chapter 93, or required to obtain a debt collector license pursuant to section 24A(a) of the chapter 93. However, any licensed student loan servicer who engages in third party loan servicing activities or debt collection activities must comply with all pertinent state and federal laws and regulations governing third party loan servicers and debt collection when acting in such capacity.