ARM Industry

Rhode Island Requires Student Loan Servicers to Register

By Keith MontgomerySeptember 4, 2019

Rhode Island’s “Student Loan Bill of Rights,” requires that student loan servicers register with the state.  The Bill of Rights calls upon the attorney general and state Department of Business Regulation to examine business practices and enact penalties for violations of the borrower’s rights.   The law became effective when it was signed by Governor Gina Raimondo on July 15, 2019.  Student loan servicers must register by filing an application through the Nationwide Multistate Licensing System (NMLS).  Applications are available to be filed now.

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