New Needs Put On Servicers. Personal Right of Action for Customers

New Needs Put On Servicers. Personal Right of Action for Customers

Education Loan Servicing Act Gets Beefed Up

After the exemplory instance of other states , 1 the Capfornia legislature has passed away AB 376 (SLSA Amendments) to amend the current Capfornia scholar Loan Servicing Act (SLSA). The SLSA Amendments would 1) put new needs upon education loan servicers, including needs regarding repayment posting and crediting, handpng of overpayments and partial re payments, additionally the training of customer support workers, 2) give consumers an exclusive right of action for violations of the conditions, 3) create the new place of education loan Ombudsman and 4) expand the supervisory authority regarding the DB O 2 over servicers.Read more