1. (1) A private education creditor shall not:

   1. (a) Offer any private education credit obligation that does not comply with this part 2 or with rules or orders of the administrator that are issued under this part 2 or that violates any other state or federal law;
   2. (b) Engage in any unfair, deceptive, or abusive act or practice;

   3. (c)

      1. (I) Take an assignment of earnings of the private education credit borrower or cosigner for payment or as a security for payment of a debt arising out of a private education credit obligation. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings and revocable by the borrower or cosigner.
      2. (II) A sale of unpaid earnings made in consideration of the payment of money to or for the account of the seller of the earnings is deemed to be a credit obligation to the seller, secured by an assignment of earnings.
   4. (d) Make, advertise, print, display, publish, distribute, electronically transmit, telecast, or broadcast, in any manner, any statement or representation that is false, misleading, or deceptive.

Source: L. 2021: Entire part added, (SB 21-057), ch. 378, p. 2525, § 5, effective June 29. L. 2023: IP(1), (1)(a), and (1)(c) amended, (SB 23-248), ch. 360, p. 2163, § 25, effective August 7.