PROVIDENCE, R.I. (AP) — Rhode Island has enacted a “student loan bill of rights” to protect borrowers from deceptive lending practices.
The law took effect with the governor’s signature last week. Treasurer Seth Magaziner said Thursday it provides important consumer protections.
The law sets standards for student loan servicing to prohibit predatory behavior. It requires that student loan servicers register with the state and allows state regulators to examine their business practices. The state could penalize violators.
Democratic Rep. Joseph McNamara, of Warwick, and Sen. Dawn Euer, of Newport, sponsored the legislation.
Magaziner’s office says more than 133,000 Rhode Island residents, including 16,000 senior citizens, have a combined $4.5 billion in student loan debt. About $470 million of that is delinquent.
Magaziner and Attorney General Peter Neronha asked lawmakers to pass the legislation.
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