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§ 12-1103. Annual reporting

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2023

West's Annotated Code of Maryland
Financial Institutions
Title 12. Miscellaneous Institutions and Activities
Subtitle 11. Student Financing Companies (Refs & Annos)
Effective: October 1, 2023
MD Code, Financial Institutions, § 12-1103
§ 12-1103. Annual reporting
Currentness
Annual reporting requirements
(a) On or before March 15, 2024, and March 15 each year thereafter:
(1) A student financing company that secures, makes, or extends student financing in the State shall report to the Commissioner on the form the Commissioner provides:
(i) A list of all schools attended by consumers who received student financing from the student financing company and resided within the State at the time of the transaction and whose debt is still outstanding, including student financing used to refinance an existing debt;
(ii) The total outstanding dollar amount owed by consumers residing in the State who received student financing from the student financing company;
(iii) The total number of student financing products owed by consumers residing in the State who received student financing from the student financing company;
(iv) The total outstanding dollar amount and number of student financing products owed by consumers who reside in the State, associated with each school identified under item (i) of this item;
(v) The total dollar amount of student financing products provided by the student financing company to consumers who resided in the State in the prior fiscal year;
(vi) The total number of student financing products provided by the student financing company to consumers who resided in the State in the prior fiscal year;
(vii) The total outstanding dollar amount and number of student financing products owed by consumers who resided in the State, associated with each school identified under item (i) of this item, that were provided in the prior fiscal year;
(viii) The rate of default for consumers residing in the State who obtained student financing from the student financing company, if applicable;
(ix) The rate of default for consumers residing in the State who obtained student financing from the student financing company associated with each school identified under item (i) of this item, if applicable;
(x) The range of initial interest rates for student financing products provided by the student financing company to consumers who resided in the State in the prior fiscal year;
(xi) Of the total number of consumers who received student financing products under item (x) of this item, the percentage of consumers who received each rate identified under item (x) of this item;
(xii) The total dollar amount and number of student financing products provided in the prior fiscal year by the student financing company to consumers who resided in the State at the time of the transaction and had a cosigner for the student financing product;
(xiii) The total dollar amount and number of student financing products provided by the student financing company to consumers residing in the State used to refinance a prior student financing product or federal student loan in the prior fiscal year;
(xiv) The total dollar amount and number of student financing products for which the student financing company had sued to collect from a consumer residing in the State in the prior fiscal year;
(xv) A copy of any model promissory note, agreement, contract, or other instrument used by the student financing company in the previous fiscal year to substantiate that a consumer owes a new debt to the student financing company; and
(xvi) Any other information considered necessary by the Commissioner to assess the total size and status of the student financing market and well-being of consumers in the State; and
(2) A student financing company that acquires or assumes student financing products in the State shall report to the Commissioner on the form the Commissioner provides:
(i) A list of all schools attended by consumers residing in the State who used, for attendance, any outstanding student financing products assumed or acquired by the student financing company;
(ii) The total outstanding dollar amount and number of student financing products that have been acquired or assumed by the student financing company and owed by consumers who reside in the State;
(iii) The total outstanding dollar amount and number of student financing products owed by consumers who reside in the State that have been assumed or acquired by the student financing company, associated with each school identified under item (i) of this item;
(iv) The total dollar amount and number of student financing products owed by consumers who resided in the State that were acquired or assumed by the student financing company in the prior fiscal year;
(v) The total dollar amount and number of student financing products that were acquired or assumed by the student financing company and owed by consumers who resided in the State in the prior year, associated with each school identified under item (i) of this item;
(vi) The rate of default for student financing products acquired or assumed by the student financing company, if applicable;
(vii) The rate of default for student financing products acquired or assumed by the student financing company associated with each school identified under item (i) of this item, if applicable;
(viii) The total outstanding dollar amount and number of student financing products owed by consumers residing in the State who had a cosigner for the student financing product, if applicable;
(ix) The total outstanding dollar amount and number of student financing products that were acquired or assumed by the student financing company and owed by consumers residing in the State to refinance a prior student financing product or federal student loan;
(x) The total dollar amount and number of student financing products for which the student financing company had sued to collect from consumers residing in the State in the prior fiscal year; and
(xi) Any other information considered necessary by the Commissioner to assess the total size and status of the student financing market and well-being of consumers in the State.
Process for reporting
(b) The Commissioner may establish a process for reporting the information required under subsection (a) of this section to avoid the duplicative reporting of information by student financing companies to the Commissioner if a student financing company is required to report the information required under subsection (a) of this section to the Commissioner under another provision of State or federal law.
Annual release of documentation
(c) On or before June 15, 2024, and each June 15 thereafter, the Commissioner shall make the information and documents reported by student financing companies under subsection (a) of this section available on a publicly accessible website developed and maintained by the Commissioner.

Credits

Added by Acts 2023, c. 456, § 1, eff. Oct. 1, 2023.
MD Code, Financial Institutions, § 12-1103, MD FIN INST § 12-1103
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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