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‘Student Loan Bill of Rights’ will protect Maine students from predatory lenders

Tuesday, June 11, 2019
Dan Neumann | Maine Beacon

Bringing “real accountability to the Wild West of student loan servicing,” Maine lawmakers passed a “Student Loan Bill of Rights,” which will give the state the authority to investigate and intervene when borrowers complain of abusive or deceptive practices by student loan lenders.

The bill, unanimously passed by the Maine Senate on Monday, moves now to Governor Janet Mills’ desk, where it is expected to be signed. It establishes a student loan ombudsman within the Bureau of Consumer Credit Protections which will be responsible for collecting complaints from students, assisting them in resolving their issues, and investigating lender violations and setting penalties under the Maine Unfair Trade Practices Act.