§15-103. Violations
1.
Fine.
The superintendent may impose a fine of up to $25,000 on a person for any violation of this Article. Each violation of this Article or of any rule adopted pursuant to section 15‑104 is a separate offense for the purposes of this section.
[PL 2021, c. 357, §1 (NEW).]
2.
Suspended from operating in State.
If the superintendent finds that a person has knowingly violated any provision of this Article and the violation caused financial harm to a student, the superintendent may suspend the person from operating as or bar the person from being a stockholder, officer, director, partner, owner or employee of a student financing company for a period of up to 10 years.
[PL 2021, c. 357, §1 (NEW).]
3.
Crime.
A violation of this Article is a Class E crime.
[PL 2021, c. 357, §1 (NEW).]
4.
Private right of action.
A student financing company that fails to comply with this Article is liable to any person or class of persons obligated on such student financing contract for any of the following:
A.
Actual damages or $500, whichever is greater;
[PL 2021, c. 357, §1 (NEW).]
B.
An order enjoining the methods, acts or practices;
[PL 2021, c. 357, §1 (NEW).]
C.
Restitution of property;
[PL 2021, c. 357, §1 (NEW).]
D.
Punitive damages;
[PL 2021, c. 357, §1 (NEW).]
E.
Attorney's fees; and
[PL 2021, c. 357, §1 (NEW).]
F.
Any other relief that the court determines proper, including a declaration that the contract between the person or class of persons and the student financing company is void and unenforceable.
[PL 2021, c. 357, §1 (NEW).]
[PL 2021, c. 357, §1 (NEW).]
5.
Remedies.
Any violation of this Article is subject to the remedies provided in this section in addition to remedies otherwise provided by law.
[PL 2021, c. 357, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 357, §1 (NEW).