Amend the bill by inserting after the enacting clause and before section 1 the following:
‘Sec. 1. 9-A MRSA §1-202, sub-§7, as amended by PL 2005, c. 55, §1, is further amended to read:
Amend the bill in section 1 in §14-103 by striking out all of subsection 1 (page 1, lines 17 to 23 in L.D.) and inserting the following:
Amend the bill in section 1 in §14-104 in subsection 1 in the first line (page 2, line 16 in L.D.) by striking out the following: " from" and inserting the following: ' between'
Amend the bill in section 1 in §14-104 in subsection 1 by striking out all of paragraph B (page 2, lines 18 to 20 in L.D.) and inserting the following:
‘ B. Student loan servicers or any other participants in student education loan lending, including, but not limited to, originators servicing their own student education loans. The ombudsman may collaborate with institutions of higher education to attempt to resolve complaints;’
Amend the bill in section 1 in §14-105 in subsection 2 in the last line (page 3, line 18 in L.D.) by striking out the following: " and"
Amend the bill in section 1 in §14-105 by striking out all of subsection 3 (page 3, lines 19 to 21 in L.D.) and inserting the following:
Amend the bill in section 1 in §14-107 in subsection 2 by striking out all of paragraph A (page 4, lines 15 to 18 in L.D.) and inserting the following:
‘ A. Financial statements and references of all applicants for a license as the superintendent considers necessary;’
Amend the bill in section 1 in §14-107 in subsection 2 by inserting at the end a new blocked paragraph to read:
‘ The superintendent may require or allow applications to be made electronically through the nationwide mortgage licensing system and registry, as defined in section 13-102, subsection 8. An applicant using that system shall pay any required processing fees.’
Amend the bill in section 1 in §14-107 in subsection 4 in the last line (page 5, line 33 in L.D.) by inserting after the following: " superintendent." the following: ' If the superintendent permits or requires licensing through the nationwide mortgage licensing system and registry pursuant to subsection 2, the superintendent may amend the license term and license expiration date to comply with the parameters of the system. License and investigation fees must be apportioned so the average of such fees does not increase on an annualized basis.'
Amend the bill in section 1 in §14-107 by striking out all of subsection 9 (page 6, lines 23 to 29 in L.D.) and inserting the following:
Amend the bill in section 1 in §14-107 by renumbering the subsections to read consecutively.
Amend the bill in section 1 in §14-108 by striking out all of subsection 2 (page 7, lines 14 to 40 and page 8, lines 1 to 14 in L.D.) and inserting the following:
Amend the bill in section 1 in §14-108 in subsection 3 in paragraph H in the last line (page 8, line 38 in L.D.) by striking out the following: " agency; or" and inserting the following: ' agency;'
Amend the bill in section 1 in §14-108 in subsection 3 by striking out all of paragraph I (page 8, lines 39 to 41 in L.D.) and inserting the following:
‘ I. Fail to respond within 15 days to communication from the student loan ombudsman, or within a shorter reasonable time as the student loan ombudsman may request in the communication; or
J. Fail to respond within 15 days to a student loan borrower complaint submitted to the servicer by the student loan ombudsman. If necessary, a student loan servicer may request additional time, up to 45 days, as long as the request is accompanied by an explanation of why additional time is reasonable and necessary.’
Amend the bill in section 1 by adding at the end the following:
The superintendent shall internally track any license, examination and investigation fees collected pursuant to this Article and any funds received from any public or private source. The superintendent shall use these funds to cover the costs of carrying out the duties of this Article, and funds received may not be used for any other purpose.’
Amend the bill by inserting after section 1 the following:
‘Sec. 2. Appropriations and allocations. The following appropriations and allocations are made.
PROFESSIONAL AND FINANCIAL REGULATION, DEPARTMENT OF
Bureau of Consumer Credit Protection 0091
Initiative: Provides allocation for expenses associated with the licensing, examination and investigation of student loan servicers, including travel, training, supplies and general operating expenses.
| OTHER SPECIAL REVENUE FUNDS |
2019-20 |
2020-21 |
|
All Other
|
$9,300 |
$18,600 |
|
 |
|
| OTHER SPECIAL REVENUE FUNDS TOTAL |
$9,300 |
$18,600 |
’
Amend the bill by relettering or renumbering any nonconsecutive Part letter or section number to read consecutively.
SUMMARY
This amendment makes the following changes to the bill.
1. It makes the requirements for the filing of financial statements with an application for licensure as a student loan servicer consistent with licensure requirements for mortgage loan servicers.
2. It clarifies that a license is required for each physical location where a student loan servicer does business.
3. It authorizes the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation, Bureau of Consumer Credit Protection to require student loan servicers to file license applications electronically and to use the nationwide mortgage loan servicer licensing system and registry.
4. It adds a provision authorizing the automatic licensure of student loan servicers under contract with the federal Department of Education.
5. It provides that funding from license and investigation fees for student loan servicers may not be used for purposes other than to cover the costs of administering the Maine Revised Statutes, Title 9-A, Article 14.
6. It replaces language in the bill with language from laws in other states regulating student loan servicing to maintain consistency.
7. It adds an appropriations and allocations section.
FISCAL NOTE REQUIRED
(See attached)