1. (a) Beginning March 15, 2024, a student financing company shall register with the Commissioner as a student financing company before providing services in the State.

2. (b) An application for registration shall include:

   1. (1) The student financing company's name;
   2. (2) The student financing company's address;
   3. (3) The name of all officers, directors, partners, and owners of controlling interests of the student financing company;
   4. (4) The addresses of all officers, directors, partners, and owners of controlling interests in the student financing company; and
   5. (5) Any other information that the Commissioner requires by regulation.
3. (c) A student financing company shall renew its registration on an annual basis, and may be required to pay a fee at the time of renewal.

4. (d) The Commissioner may adopt and enforce:

   1. (1) Registration procedures for student financing companies, which may include the use of NMLS;
   2. (2) Registration fees for student financing companies, which may include fees for the use of NMLS, to be paid directly by the student financing company;
   3. (3) Procedures and fees for renewing a student financing company's registration, which may include fees for the renewed use of NMLS, to be paid directly by the student financing company; and
   4. (4) Alternate registration procedures and fees for institutions of postsecondary education that offer student financing products.

Added by Acts 2023, c. 456, § 1, eff. Oct. 1, 2023.