Minn. Stat. § 58B.01
Title
This chapter may be cited as the "Student Loan Borrower Bill of Rights."
Minnesota Statutes Chapter 58B — Student Loan Borrower Bill of Rights
Minnesota · statute · Minn. Stat. ch. 58B · 12 active provisions
Minn. Stat. § 58B.011
Student Loan Advocate
Subdivision 1. Designation of a student loan advocate. The commissioner of commerce must designate a student loan advocate within the Department of Commerce to provide timely assistance to borrowers and to effectuate this chapter. Subd. 2. Duties. The student loan advocate has the following duties: (1) receive, review,…
Minn. Stat. § 58B.02
Definitions
Subdivision 1. Scope. For purposes of this chapter, the following terms have the meanings given them. Subd. 2. Borrower. "Borrower" means a resident of this state who has received or agreed to pay a student loan or a person who shares responsibility with a resident for repaying a student loan. Subd. 3. Commissioner. "C…
Minn. Stat. § 58B.03
Licensing of Student Loan Servicers
Subdivision 1. License required. No person shall directly or indirectly act as a student loan servicer without first obtaining a license from the commissioner. Subd. 2. Exempt persons. The following persons are exempt from the requirements of this chapter: (1) a financial institution; (2) a person servicing student loa…
Minn. Stat. § 58B.04
Licensing Multiple Places of Business
A person licensed to act as a student loan servicer in this state is prohibited from servicing student loans under any other name or at any other place of business than that named in the license. Any time a student loan servicer changes the location of the servicer's place of business, the servicer must provide prior w…
Minn. Stat. § 58B.05
License Renewal
Subdivision 1. Term. Licenses are renewable on January 1 of each year. Subd. 2. Timely renewal. (a) A person whose application is properly and timely filed who has not received notice of denial of renewal is considered approved for renewal. The person may continue to act as a student loan servicer whether or not the re…
Minn. Stat. § 58B.051
Registration for Lenders
(a) Beginning January 1, 2025, a lender must register with the commissioner as a lender before providing services in Minnesota. A lender must not offer or make a student loan to a resident of Minnesota without first registering with the commissioner as provided in this section. (b) A registration application must inclu…
Minn. Stat. § 58B.06
Duties of Student Loan Servicers
Subdivision 1. Response requirements. Upon receiving a written communication from a borrower, a student loan servicer must: (1) acknowledge receipt of the communication in less than ten days from the date the communication is received; and (2) provide information relating to the communication and, if applicable, the ac…
Minn. Stat. § 58B.07
Prohibited Conduct
Subdivision 1. Misleading borrowers. A student loan servicer must not directly or indirectly employ any scheme, device, or artifice to attempt to defraud or mislead a borrower. Subd. 2. Misrepresentation. A student loan servicer must not engage in any unfair or deceptive practice or misrepresent or omit any material in…
Minn. Stat. § 58B.08
Examinations
The commissioner has the same powers with respect to examinations of student loan servicers under this chapter that the commissioner has under section 46.04.
Minn. Stat. § 58B.09
Denial; Suspension; Revocation of Licenses
Subdivision 1. Powers of commissioner. (a) The commissioner may by order take any or all of the following actions: (1) bar a person from engaging in student loan servicing; (2) deny, suspend, or revoke a student loan servicer license; (3) censure a student loan servicer; (4) impose a civil penalty, as provided in secti…
Minn. Stat. § 58B.10
Data Practices
Subdivision 1. Classification of data. Data collected, created, received, maintained, or disseminated by the Department of Commerce under this chapter are governed by section 46.07. Subd. 2. Data sharing. To the extent data collected, created, received, maintained, or disseminated under this chapter are not public data…