An Act To Establish a Student Loan Bill of Rights To License and Regulate Student Loan Servicers
Maine Legislature, Session 128, LD 1507
Committee Amendment CA_A_S188 (Senate)

COMMITTEE AMENDMENT "A, " to S.P. 532, L.D. 1507, Bill, "An Act To 
Establish a Student Loan Bill of Rights To License and Regulate Student Loan Servicers" 
Amend the bill in section 1 in § 14-102 in the first line (page 1, line 8 in L.D.) by 
inserting after the following: "State" the following: ', except that this Article does not 
apply to a supervised financial organization or a financial institution holding company as 
defined in Title 9-B, section 1011, subsection 1, to a mutual holding company as defined 
in Title 9-B, section 1052, subsection 2 or to a wholly owned subsidiary of a supervised 
financial organization, financial institution holding company or mutual holding company' 
Amend the bill in section 1 in § 14-103 by striking out all of subsection 2 (page 1, 
lines 19 and 20 in L.D.) and inserting the following: 
'2. Student education loan. "Student education loan" means a loan that is extended 
to a student loan borrower expressly for postseconda1y education expenses or other 
school-related expenses and does not include open-ended credit or any loan that is 
secured by real property.' 
Amend the bill in section 1 in § 14-103 in subsection 4 in the last line (page 1, line 2 7 
in L.D.) by inse1iing after the following: "borrower." the following: '"Student loan 
servicer" does not include a supervised financial organization or a financial institution 
holding company as defined in Title 9-B, section 1011, subsection 1, a mutual holding 
company as defined in Title 9-B, section 1052, subsection 2 or a wholly owned subsidiaty 
of a supervised financial organization, financial institution holding company or mutual 
holding company.' 
Amend the bill in section 1 by striking out all of §14-104 (page 2, lines 1 to 33 in 
L.D.). 
Amend the bill in section 1 in § 14-105 in the first paragraph in the first line (page 2, 
line 35 in L.D.) by striking out the following: "The" and inse1iing the following: 
'Beginning Januaty 1, 2019, the' 
Page I - 128LR1018(02)-1 
COMMITTEE AMENDMENT 
COMMITTEE AMENDMENT "A "to S.P. 532, L.D. 1507 
Amend the bill in section 1 in §14-105 in subsection 2 in the last line (page 3, line 4 
in L.D.) by striking out the following: "ombudsman" and insetting the following: 'servicer 
licensing requirements under section 14-104' 
Amend the bill in section 1 by striking out all of §14-106 (page 3, lines 8 to 14 in 
L.D.) 
Amend the bill in section 1 in § 14-107 by striking out all of subsection 1 (page 3, 
lines 19 to 23 in L.D.) and insetting the following: 
'1. Exempt. The following persons are exempt from student loan servicer licensing 
requirements: 
A. A supervised financial organization or a financial institution holding company as 
defined in Title 9-B, section 1011, subsection 1, a mutual holding company as 
defined in Title 9-B, section 1052, subsection 2 or a wholly owned subsidiary of a 
supervised financial organization, financial institution holding company or mutual 
holding company; and 
B. The Finance Authority of Maine.' 
Amend the bill in section 1 by renumbering the section numbers to read 
consecutively. 
Amend the bill by inserting after section 1 the following: 
'Sec. 2. Appropriations and allocations. 
The following appropriations and 
allocations are made. 
PROFESSIONAL AND FINANCIAL REGULATION, DEPARTMENT OF 
Bureau of Consumer Credit Protection 0091 
Initiative: Provides funding for additional printing, copying and postage. 
OTHER SPECIAL REVENUE FUNDS 
All Other 
OTHER SPECIAL REVENUE FUNDS TOT AL 
2017-18 
$2,500 
$2,500 
2018-19 
$2,500 
$2,500 
Amend the bill by relettering or renumbering any nonconsecutive Pait letter or 
section number to read consecutively. 
SUMMARY 
This amendment makes the following changes to the bill. 
1. It removes the provision creating the position of student loan ombudsman under 
the Superintendent of Consumer Credit Protection within the Depaitment of Professional 
and Financial Regulation, Bureau of Consumer Credit Protection. 
2. It clarifies the definition of "student education loan." 
COMMITTEE AMENDMENT 
COMMITTEE AMENDMENT '1-i "to S.P. 532, L.D. 1507 
I 
3. It provides an exemption from the licensing provisions for supervised financial 
organizations, financial institution holding companies and mutual holding companies and 
clarifies that a student loan servicer does not include supervised financial organizations, 
financial institution holding companies and mutual holding companies. 
4. It provides an exemption from the licensing provisions for the Finance Authority 
of Maine. 
5. It provides funding to the department for additional printing, copying and postage. 
FISCAL NOTE REQUIRED 
(See attached) 
COMMITTEE AMENDMENT 
Approved: 05/27/17 .tb?ac.-
LD 1507 
LR 1018(02) 
An Act To Establish a Student Loan Bill of Rights To License and Regulate Student Loan Servicers 
Fiscal Note for Bill as Amended by Committee Amendment 'A"' (5;- \ ~ 'o) 
Committee: Insurance and Financial Services 
Fiscal Note Required: Yes 
Fiscal Note 
FY 2017-18 
FY 2018-19 
Projections 
FY 2019-20 
Projections 
FY 2020-21 
Appropriations/ Allocations 
Other Special Revenue Funds 
$2,500 
$2,500 
$2,500 
$2,500 
Revenue 
Other Special Revenue Funds 
$21,600 
$0 
$21,600 
Fiscal Detail and Notes 
The bill includes Other Special Revenue Funds allocations to the Department of Professional and Financial 
Regulation of $2,500 beginning in fiscal year 2017-18 for additional printing, copying and postage. The increased 
revenue will come from new license and investigation fees. Anticipated revenue is based on an estimated licensing 
pool of 12. 
LR1018(02) - Fiscal Note - Page 1 of 1 
$0