Last year, Kentucky enacted the Student Education Loan Servicing, Licensing, and Protection Act of 2022 (the “Act”), which requires student loan services to be licensed in Kentucky.  The Act took effect on July 13, 2023 (the “Effective Date”). 

On the Effective Date, the Kentucky Department of Financial Institutions (“DFI”) released its new application checklist and made a license application available through the Nationwide Multistate Licensing System & Registry (“NMLS”). … Continue Reading

Kentucky recently enacted HB 494, titled the “Student Education Loan Servicing, Licensing, and Protection Act of 2022,” which will require student loan servicers to be licensed in Kentucky.  The Act applies to servicers of private student loans and federal student loans.

Servicers of private student loans must submit a licensing application to the Commissioner of the Kentucky Department of Financial Institutions that includes certain specified information, including the name of at least one managing officer who has a minimum of at least two years’ experience in the student education loan servicing industry. … Continue Reading