A. Prior to receiving issuing loans funded through an allocation |
of the state ceiling for the issuance of education loans, an |
issuer or lender must provide to the appropriate agency within |
the Department of Professional and Financial Regulation examples |
of the disclosures to be made to loan recipients or obligors. The |
information must be provided to the Bureau of Banking if the |
issuer or lender is a financial institution or credit union |
established pursuant to state or federal law or to the Office of |
Consumer Credit Regulation for all other issuers or lenders. |
This information must be provided to the appropriate agency |
within the Department of Professional and Financial Regulation |
upon request, or in the course of an examination of the issuer or |
lender by the agency, and must include a description of any |
interest rate or other discounts offered that clearly identifies |
all of the terms and conditions of obtaining any discount, a |
projection of the approximate number or percentage of loan |
obligors who are likely to benefit from the discounts and any |
other disclosures pursuant to guidelines established by the |
Bureau of Banking and the Office of Consumer Credit Regulation |
for the issuance of education loans that would benefit from an |
allocation of the state ceiling. The Bureau of Banking and the |
Office of Consumer Credit Regulation shall jointly adopt, to the |
extent allowed by law, rules to carry out the provisions of this |
paragraph by establishing uniform disclosure requirements and |
sanctions for noncompliance. Rules adopted pursuant to this |
paragraph are routine technical rules, as defined in Title 5, |
chapter 375, subchapter II-A. All information provided to the |
appropriate agencies within the Department of Professional |