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HB 218 Student Loan Bill Of Rights Passes Committee
NM Democrat House News:
SANTA FE Wednesday, a bill empowering and protecting more than 200,000 New Mexican student loan borrowers passed the House Consumer and Public Affair Committee.
Sponsored by Rep. Patricia Roybal Caballero (D-Albuquerque) and Sen. Katy Duhigg (D-Albuquerque), House Bill 218: the Student Loan Bill of Rights regulates student loan servicers so they are responsible for educating borrowers and ensuring that any mistakes in servicing loans do not result in painful loan defaults.
House Bill 218 creates the same level of state regulations already in existence for other loan-based industries like cars, credit cards and homes. It also brings transparency to the student loan industry to identify and prevent any predatory loan servicing practices, and ensures that borrowers get substantive responses and immediate remediation from companies when loan issues do arise.