Bill Summary for H 707 (2021)

Summary date: 

Jul 21 2021

Bill Information:

View NCGA Bill Details2021
House Bill 707 (Public) Filed Tuesday, April 27, 2021
AN ACT TO ENACT A STUDENT BORROWERS' BILL OF RIGHTS, TO PROVIDE THAT THE COMMISSIONER OF BANKS SHALL LICENSE AND REGULATE STUDENT LOAN SERVICERS, AND TO ESTABLISH THE POSITION OF THE STUDENT LOAN OMBUDSMAN.
Intro. by Hunt, Setzer.

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Bill summary

House committee substitute to the 2nd edition makes the following changes. 

Changes the effective date of new Article 26 of GS Chapter 53, Student Borrowers' Bill of Rights, to June 1, 2022 (was, January 1, 2022).

Makes organizational changes to the proposed new sections of GS Chapter 53 in Section 2, which directs the Commissioner of Banks to designate a Student Loan Ombudsman and details duties and responsibilities of the Student Loan Ombudsman. Now organizes the proposed statutes under new Article 26 rather than enacting new Article 27, renumbering the proposed statutes accordingly. No longer includes a definition for the term student loan. Changes the effective date for new GS 53-461 and GS 53-462, as renumbered, to January 1, 2023 (was, July 1, 2022). 

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