Maine Bureau of Consumer Protection Issues Proposed Student Loan Servicer Rule for Comment

November 29, 2023

The Bureau of Consumer Credit Protection has issued proposed agency rule Chapter 601 for comment. This proposed rule requires licensing of student loan servicers be done through the Nationwide Multistate Licensing System (NMLS). The State of Maine will continue to administer the licensing program but will utilize NMLS as the system of record for all student loan servicers. Additionally, the Chapter details certain definitions and requirements in the Student Loan Bill of Rights, 9-A M.R.S. Article 14.

Copies of the rule are available online from the Bureau of Consumer Credit Protection HERE.

Comment Deadline: December 30, 2023

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