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HOUSE OF REPRESENTATIVES - FLOOR VERSION
STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023)
HOUSE BILL 1443 By: Provenzano of the House
and
Montgomery of the Senate
AS INTRODUCED
An Act relating to student loans; amendin g 24 O.S.
2021, Section 172, which relates to the Oklahoma
Student Borrower's Bill of Rights Act; prohibiting
student loan servicer from failing to provide certain
loan forgiveness information; and providing and
effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 24 O. S. 2021, Section 172, is
amended to read as follows:
Section 172. A. The Attorney General shall prepare a written
statement that includes an "Oklahoma Student Borro wer's Bill of
Rights" for a student loan borrower who t akes out a student
education loan that is serviced by a student loan servicer. The
statement shall incorporate all items from subsection B of this
section and be made available to the public and writt en in plain
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language designed to be easily understood b y the average student
loan borrower.
B. No student loan servicer shall:
1. Directly or indirectly employ any scheme, device or artifice
to defraud or mislead student loan borrowers;
2. Engage in any unfair or deceptive practice toward any person
or misrepresent or omit any material infor mation in connection with
the servicing of a studen t education loan including, but not limited
to, misrepresenting the amount, nature or terms of any fee or
payment due or claimed to be due on a student education loan, th e
terms and conditions of the loan agreement or the borrower's
obligations under the l oan;
3. Obtain property by fraud or misrepresentation;
4. Incorrectly apply or fail to apply student education lo an
payments to the outstanding balance of a student edu cation loan;
5. Provide inaccurate information to a credit bureau, thereby
harming a student loan borrower 's creditworthiness;
6. Fail to report both the favorable and unfavorable payment
history of the student loan borrower to a nationally recognized
consumer credit bureau at least annua lly if the student loan
servicer regularly reports information to a credit bureau, except in
the case of loan rehabilitation;
7. Refuse to communicate with an author ized representative of
the student loan borrower who pr ovides a written authorization
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signed by the student loan borrower, provided the stude nt loan
servicer may adopt procedures reasonably related to verifying that
the representative is in fact authorized to act on behalf of the
student loan borrower;
8. Make any false statement or misreprese ntation by omission of
a material fact in connectio n with any information or reports filed
with a governmental agency or in connection with any investigation
conducted by a governmental agency;
9. Fail to inform borrower s of the federal income repayment
options before offering deferment or forbearance as an option; or
10. Inform Fail to inform student loan borrower borrowers if
their type of loan does not qualify for loan forgiveness programs.
SECTION 2. This act shall become effective November 1, 2023.
COMMITTEE REPORT BY: COMMITTEE ON BANKING, FINANCIAL SERVICES AND
PENSIONS, dated 02/22/2023 - DO PASS, As Coauthored.