Governor to ceremoniously sign a student loan bill of rights
PROVIDENCE, R.I. (AP) — Rhode Island's governor will ceremoniously sign a student loan bill of rights to protect borrowers from deceptive lending practices.
Democratic Gov. Gina Raimondo plans to hold the ceremony Monday afternoon at the State House. She previously signed the bill into law and it has taken effect. Treasurer Seth Magaziner, Attorney General Peter Neronha and the bill's Democratic sponsors, Rep. Joseph McNamara and Sen. Dawn Euer, will attend.
The law sets standards for student loan servicing to prohibit predatory behavior and provide best practices for protecting consumers' rights.
It requires student loan servicers register with the state and allows regulators to examine business practices. The state can penalize violators.
Magaziner's office says more than 133,000 Rhode Island residents, including 16,000 senior citizens, have a combined $4.5 billion in student loan debt.