C.R.S. Section 5-20-104
Student loan ombudsperson

  • report
  • fund
  • rules

(1)

The administrator shall designate, support, and maintain a student loan ombudsperson to provide timely assistance to student loan borrowers. The student loan ombudsperson, in consultation with the administrator, shall:

(a)

Complaints.
Receive, review, and attempt to resolve complaints from student loan borrowers, including in collaboration with institutions of higher education, student loan servicers, and any other participants in student loan lending, including originators servicing their own student education loans;

(b)

Data.
Compile and analyze data on student loan borrower complaints as described in subsection (1)(a) of this section;

(c)

Assistance.
Assist student loan borrowers in understanding their rights and responsibilities under the terms of student education loans;

(d)

Information.
Provide information to the public, agencies, legislators, and others regarding the problems and concerns of student loan borrowers and make recommendations for resolving those problems and concerns;

(e)

Laws, rules, and policies.
Analyze and monitor the development and implementation of federal, state, and local laws, ordinances, regulations, rules, and policies relating to student loan borrowers and recommend any necessary changes;

(f)

Student loan history.
Review the complete student education loan history for a student loan borrower who provides written consent for the review;

(g)

Availability.
Disseminate information concerning the availability of the student loan ombudsperson to assist student loan borrowers and potential student loan borrowers, including disseminating the information to institutions of higher education, student loan servicers, and any other participants in student education loan lending with any servicing concerns;

(h)

Education course.
Establish and maintain a student loan borrower education course within existing resources that includes educational presentations and materials regarding student education loans. The course must include at least key loan terms, documentation requirements, monthly payment obligations, income-based repayment options, loan forgiveness, and disclosure requirements.
(i)
Other actions.
Take any other actions necessary to fulfill the duties of the student loan ombudsperson as set forth in this section.

(2)

Repealed.

(3)

Student loan ombudsperson and student loan servicer licensing fund.

(a)

The student loan ombudsperson and student loan servicer licensing fund, referred to in this section as the “fund”, is hereby created in the state treasury. The fund consists of licensing and investigation fees collected pursuant to sections 5-20-107 and 5-20-203 (2)(a), civil penalties collected pursuant to sections 5-20-114, 5-20-117, and 5-20-203 (4), any other money required by law to be deposited in the fund, and any other money that the general assembly may appropriate or transfer to the fund.

(b)

The state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the fund.

(c)

All money held in the fund is continuously appropriated to the department of law. The administrator shall expend money held in the fund to administer this part 1.

Source: Section 5-20-104 — Student loan ombudsperson - report - fund - rules, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-05.­pdf (accessed Oct. 20, 2023).

5‑20‑101
Short title 5‑20‑102
Scope of article - residence of debtor 5‑20‑103
Definitions 5‑20‑104
Student loan ombudsperson - report - fund - rules 5‑20‑105
License required 5‑20‑106
Licensure of student loan servicers - definition 5‑20‑107
License and investigation fees 5‑20‑108
Affirmative acts required of student loan servicers - definitions 5‑20‑109
Prohibited acts of student loan servicers 5‑20‑110
Powers and duties of the administrator - rules 5‑20‑111
Compliance with federal law 5‑20‑112
Civil action 5‑20‑113
Application of administrative procedures - provisions 5‑20‑114
Administrative enforcement orders 5‑20‑115
Assurance of discontinuance 5‑20‑116
Injunctions 5‑20‑117
Civil actions by the administrator 5‑20‑118
Limitations 5‑20‑119
Confidential information 5‑20‑201
Scope of part - construction with other laws - legislative declaration 5‑20‑202
Definitions 5‑20‑203
Registration of private education creditors - penalties - rules 5‑20‑204
Cosigner disclosures 5‑20‑205
Cosigner release 5‑20‑206
Cosigner rights 5‑20‑207
Bankruptcy or death of cosigner 5‑20‑208
Total and permanent disability of the private education credit borrower or cosigner 5‑20‑209
Refinancing - additional disclosures - limitations on default pending approval 5‑20‑210
Prohibited conduct 5‑20‑211
Record retention - confidentiality 5‑20‑212
Collection on debt - prerequisites - documentation 5‑20‑213
Actions - counterclaims 5‑20‑214
Remedies - civil actions - limitations - deceptive trade practice
Green check means up to date. Up to date

Current through Fall 2024

§ 5-20-104’s source at colorado​.gov