With Guidance from ACTION Tulsa, Senate Bill 261 Prevents Student Loan Servicers from Deceiving Borrowers
"Senate Bill 261, authored by state Sen. John Montgomery, R-Lawton, and state Rep. Melissa Provenzano, D-Tulsa, in 2021, directed the attorney general to prepare a written statement including an “Oklahoma Student Borrower’s Bill of Rights,” which contains language prohibiting student loan servicers from engaging in acts that mislead or deceive borrowers.
According to the language, servicers are prohibited from misrepresenting or omitting any material information in connection with the servicing of a student education loan, including misrepresenting the amount, nature or terms of any fee...
...Provenzano said the librarian and ACTION Tulsa asked her to see that rights for students require servicers to disclose the consequences of payment plan changes."
[Photo Credit: The Journal Record]
New Law Strengthens Student Borrower's Bill of Rights, The Journal Record [pdf]