SSHB789 3264 5321
HOUSE SUMMARY OF SENATE AMENDMENTS
HB 789 2022 Regular Session Willard
FINANCIAL INSTITUTIONS: Provides relative to the student loan lenders
Synopsis of Senate Amendments
1.Modifies the definition of "private education lender" to generally exclude a
federally insured financial institution and its subsidiaries and affiliates.
Digest of Bill as Finally Passed by Senate
Proposed law defines "commissioner", "private education lender", " private education loan",
and "provider of postsecondary education".
Proposed law requires all private education lenders in this state to register with the
commissioner of the office of financial institutions. Further requires private education
lenders to pay a certain fee and provide certain information and documentation relative to the
private education loans handled by the lenders, including but not limited to information
concerning the schools at which loans have been provided, dollar amounts, interest rates, and
default rates of borrowers.
Proposed law requires the commissioner to create a public website that includes certain
contact information and documentation of the private education lenders registered in this
state. Further requires the commissioner to create the website within 1 year of enactment of
proposed law.
Proposed law authorizes the commissioner to set a registration fee and to develop an
alternative registration process and fee structure for a provider of postsecondary education.
Proposed law authorizes the commissioner to enforce proposed law through authority
provided in present law (R.S. 6:121.1).
Proposed law requires the commissioner to promulgate rules to implement proposed law.
(Adds R.S. 6:1401-1404)
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