Oklahoma 2022 Regular Session

Oklahoma House Bill HB3505 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1
2	2
3		-	SENATE FLOOR VERSION - HB3505 SFLR Page 1
4		-	(Bold face denotes Committee Amendments) 1
	3	+	ENGR. H. B. NO. 3505 Page 1 1
5	4		2
6	5		3
7	6		4
8	7		5
9	8		6
10	9		7
11	10		8
12	11		9
13	12		10
14	13		11
15	14		12
16	15		13
17	16		14
18	17		15
19	18		16
20	19		17
21	20		18
22	21		19
23	22		20
24	23		21
25	24		22
26	25		23
27	26		24
28	27
29		-	SENATE FLOOR VERSION
30		-	April 12, 2022
31		-
32		-
33	28		ENGROSSED HOUSE
34	29		BILL NO. 3505 By: Provenzano and Phillips of
35	30		the House
36	31
37	32		and
38	33
39	34		Montgomery of the Senate
	35	+
	36	+
	37	+
	38	+
40	39
41	40
42	41
43	42		An Act relating to student loans; amending 24 O.S.
44	43		2021, Section 172, which relates to the Oklahoma
45	44		Student Borrower's Bill of Rights Act; prohibiting
46	45		student loan servicer from failing to provide certain
47	46		loan forgiveness information; and providing an
48	47		effective date.
49	48
50	49
51	50
52	51
53	52		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
54	53		SECTION 1. AMENDATORY 24 O.S. 2021, Section 172, is
55	54		amended to read as follows:
56	55		Section 172. A. The Attorney General shall prepare a written
57	56		statement that includes an "Oklahoma Student Borrower 's Bill of
58	57		Rights" for a student loan borrower who takes out a student
59	58		education loan that is serviced by a student loan servicer. The
60	59		statement shall incorporate all items from subsection B of this
61	60		section and be made available to the public and written in plain
62	61		language designed to be easily underst ood by the average student
63	62		loan borrower.
64	63		B. No student loan servicer shall:
65	64
66		-	SENATE FLOOR VERSION - HB3505 SFLR Page 2
67		-	(Bold face denotes Committee Amendments) 1
	65	+	ENGR. H. B. NO. 3505 Page 2 1
68	66		2
69	67		3
70	68		4
71	69		5
72	70		6
73	71		7
74	72		8
75	73		9
76	74		10
77	75		11
78	76		12
79	77		13
80	78		14
81	79		15
82	80		16
83	81		17
84	82		18
85	83		19
86	84		20
87	85		21
88	86		22
89	87		23
90	88		24
91	89
92	90		1. Directly or indirectly employ any scheme, device or artifice
93	91		to defraud or mislead student loan borrowers;
94	92		2. Engage in any unfair or decept ive practice toward any person
95	93		or misrepresent or omit any material informat ion in connection with
96	94		the servicing of a studen t education loan including, but not limited
97	95		to, misrepresenting the amount, nature or terms of any fee or
98	96		payment due or claimed to be due on a student education loa n, the
99	97		terms and conditions of the loan agr eement or the borrower's
100	98		obligations under the l oan;
101	99		3. Obtain property by fraud or misrepresentation;
102	100		4. Incorrectly apply or fail to apply student education loan
103	101		payments to the outstanding balance of a studen t education loan;
104	102		5. Provide inaccurate in formation to a credit bureau, thereby
105	103		harming a student loan borrower 's creditworthiness;
106	104		6. Fail to report both the favorable and unfavorable payment
107	105		history of the student loan borrower to a nationally recogniz ed
108	106		consumer credit bureau at least annually if the student loan
109	107		servicer regularly reports information to a credit bureau, except in
110	108		the case of loan rehabilitation;
111	109		7. Refuse to communicate with an authorized representati ve of
112	110		the student loan borrower w ho provides a written authorization
113	111		signed by the student loan borrower, provided the stude nt loan
114	112		servicer may adopt procedures reasonably related to verifying that
115	113
116		-	SENATE FLOOR VERSION - HB3505 SFLR Page 3
117		-	(Bold face denotes Committee Amendments) 1
	114	+	ENGR. H. B. NO. 3505 Page 3 1
118	115		2
119	116		3
120	117		4
121	118		5
122	119		6
123	120		7
124	121		8
125	122		9
126	123		10
127	124		11
128	125		12
129	126		13
130	127		14
131	128		15
132	129		16
133	130		17
134	131		18
135	132		19
136	133		20
137	134		21
138	135		22
139	136		23
140	137		24
141	138
142	139		the representative is in fact authorized to act on behalf of the
143	140		student loan borrower;
144	141		8. Make any false statement or misrepresenta tion by omission of
145	142		a material fact in connectio n with any information or reports filed
146	143		with a governmental agency or in connection with any investigation
147	144		conducted by a government al agency;
148	145		9. Fail to inform bor rowers of the federal income repayment
149	146		options before offering deferment or forbearance as an option; or
150	147		10. Inform Fail to inform student loan borrower borrowers if
151	148		their type of loan does not qualify for loan forgiveness programs.
152	149		SECTION 2. This act shall become effective Novem ber 1, 2022.
153		-	COMMITTEE REPORT BY: COMMITTEE ON JUDICIARY
154		-	April 12, 2022 - DO PASS
	150	+	Passed the House of Representatives the 22nd day of March, 2022.
	151	+
	152	+
	153	+
	154	+
	155	+	Presiding Officer of the House
	156	+	of Representatives
	157	+
	158	+
	159	+	Passed the Senate the ___ day of __________, 2022.
	160	+
	161	+
	162	+
	163	+
	164	+	Presiding Officer of the Senate
	165	+
	166	+