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Regulatory, conformity, and litigation developments into the economic solutions industry

Regulatory, conformity, and litigation developments into the economic solutions industry

Home > scholar Loan Servicing > Federal Law Preempts Connecticut’s scholar Loan Servicer Licensing Law, in accordance with Federal Court

Federal Law Preempts Connecticut’s Education Loan Servicer Licensing Law, Based On Federal Court

A few states have recently ramped up their legislation for the pupil financing industry by moving rules needing student loan servicers become certified payday loans South Carolina into the state to be able to run there. A number of these continuing state certification legislation are producing conflicts for servicers in a business currently dominated by federal legislation. Now a U.S. District Court in Connecticut has determined in Pennsylvania advanced schooling Assistance Agency v. Perez that federal legislation preempts portions of Connecticut’s student loan servicer certification statute, a determination which will limit the scope of other states’ licensing laws and regulations.

In 2017, Connecticut’s certification statute put education loan servicer Pennsylvania advanced schooling Assistance Agency (PHEAA) in an impossible situation. Continue reading Regulatory, conformity, and litigation developments into the economic solutions industry