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ARTICLE · 19 APRIL 2018

Washington Licenses Student Loan Servicers

Mayer Brown
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On March 15, 2018, the State of Washington enacted Senate Bill 6029, titled the "Washington Student Education Loan Bill of Rights," which takes effect June 7, 2018, and amends the state's Consumer Loan Act ...

United StatesConsumer Protection
Costas Avrakotos
Costas Avrakotos
Daniel Pearson
Daniel Pearson
Kristie D. Kully
Kristie D. Kully
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On March 15, 2018, the State of Washington enacted Senate Bill 6029 ("SB 6029"), titled the "Washington Student Education Loan Bill of Rights," which takes effect June 7, 2018, and amends the state's Consumer Loan Act (the "CLA") to expand its scope to include student loan servicers. Whereas the CLA currently regulates and licenses consumer lenders (both mortgage and non-mortgage), and mortgage servicers, when SB 6029 takes effect the CLA will also regulate and license student loan servicers. As a license is needed under the CLA to make any student loans to residents of Washington, it seems reasonable that if state legislators believed student loan servicers should be licensed in Washington, the CLA should be amended to provide for such licensing rather than enact a new and separate licensing law.1

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