§ 902. Private education debt registry. 1. Beginning on or after the
one hundred eightieth day after the effective date of this article, no
person shall engage in business as a private education creditor in this
state without first satisfying the following requirements set forth in
subdivisions two and three of this section.

2. (a) A private education creditor operating in this state shall
register with the superintendent pursuant to any registration procedures
set forth by the superintendent by rule or regulation, which may include
registration through the Nationwide Multistate Licensing System and
Registry, and shall pay a fee set by the superintendent. The
superintendent may prescribe an alternative registration process and fee
structure for a provider of higher education. Registration shall
include, at a minimum, the name and address of the private education
creditor and any officer, director, partner, or owner of a controlling
interest of the private education creditor. A private education creditor
shall annually renew its registration and pay a renewal fee pursuant to
a procedure and on or before a date to be determined by the
superintendent.

(b) This subdivision shall not apply to regulated persons, as such
term is defined in section one hundred four of this chapter, engaged in
business as a private education creditor in this state, to the extent
such regulation relates to its business as a private education creditor
and such persons are required to furnish data or reports annually to the
superintendent.

3. A private education creditor operating in this state shall
annually, on or before a date to be determined by the superintendent and
not to exceed six months following the effective date of this article,
provide the superintendent with the following documents and information
about such creditor's private education debt portfolio related to
consumers that reside in this state pursuant to any procedure set forth
by the superintendent, which may include reporting through the
Nationwide Multistate Licensing System and Registry, and which may
further include different procedures for regulated persons, as that term
is defined in section one hundred four of this chapter, and
non-regulated persons:

(a) For private education creditors that secure, make, or extend
private education debts, other than those private education debts
reported pursuant to paragraph (c) of this subdivision, relating to such
debts owed by a consumer residing in this state as of the end of the
prior fiscal year:

(i) a list of all schools for which such private education debts were
used to finance higher education, including, in the case of a
refinancing loan, the school that the consumer attended using the
private education debt that was refinanced;

(ii) the total outstanding dollar amount and number of such private
education debts and the number of consumers who owe such private
education debts;

(iii) the total dollar amount and number of such private education
debts associated with each school identified under subparagraph (i) of
this paragraph;

(iv) the total dollar amount and number of private education debts
secured, made, or extended in the prior fiscal year;

(v) the total dollar amount and number of private education debts
secured, made, or extended in the prior fiscal year associated with each
school identified under subparagraph (i) of this paragraph;

(vi) the range of starting interest rates for private education debts
secured, made, or extended to consumers in the prior fiscal year and
percentage of consumers who receive those rates;

(vii) the overall default rate, as well as the overall default for
such debts associated with each school listed under subparagraph (i) of
this paragraph;

(viii) the total dollar amount and number of private education debts
that defaulted for reasons other than non-payment in the prior fiscal
year, as applicable;

(ix) the total dollar amount and number of private education debts
with a cosigner, as applicable;

(x) the total dollar amount and number of private education debts
secured, made, or extended with a cosigner in the prior fiscal year, as
applicable;

(xi) the total dollar amount and number of private education debts
secured, made, or extended to refinance other private education debts or
federal student loans, respectively, as applicable;

(xii) the total dollar amount and number of private education debts
secured, made, or extended to refinance other private education debts or
federal student loans, respectively, in the prior fiscal year, as
applicable;

(xiii) the total dollar amount and number of private education debts
for which the private education creditor has sued to collect in the
prior fiscal year, as applicable;

(xiv) additional information as may in the judgment of the
superintendent be necessary and appropriate in order to assess the total
size and status of the private education debt market and to assess
borrower well-being; and

(xv) A copy of any model promissory note, agreement, contract or other
instrument used by a private education creditor during the previous
fiscal year to substantiate that a new private education debt has been
extended to the consumer or that a consumer owes a debt or obligation to
the private education creditor.

(b) For private education creditors that acquire or assume private
education debts owed by a consumer residing in this state, relating to
such debts as of the end of the prior fiscal year:

(i) a list of all schools for which such private education debts were
used to finance higher education, including, in the case of a
refinancing loan, the school that the consumer attended using the
private education debt that was refinanced;

(ii) the total outstanding dollar amount and number of such private
education debts and number of consumers who owe such private education
debts;

(iii) the total dollar amount and number of private education debts
associated with each school identified under subparagraph (i) of this
paragraph;

(iv) the total dollar amount and number of private education debts
acquired or assumed in the prior fiscal year;

(v) the total dollar amount and number of private education debts
acquired or assumed in the prior fiscal year associated with each school
identified under subparagraph (i) of this paragraph;

(vi) the overall default rate, as well as the overall default for such
debts associated with each school listed under subparagraph (i) of this
paragraph;

(vii) the total dollar amount and number of private education debts
that defaulted for reasons other than nonpayment in the prior fiscal
year, as applicable;

(viii) the total dollar amount and number of private education debts
with a cosigner, as applicable;

(ix) the total dollar amount and number of private education debts
that were used to refinance other private education debts, as
applicable;

(x) the total dollar amount and number of private education debts for
which the private education creditor has sued to collect in the prior
fiscal year, as applicable; and

(xi) additional information as may in the judgment of the
superintendent be necessary and appropriate in order to assess the total
size and status of the private education debt market and to assess
borrower well-being.

(c) For private education creditors that are providers of higher
education and whose private education debts result from unpaid debts or
obligations that were not extensions of credit and that result from
higher education provided in this state, relating to such debts as of
the end of the prior fiscal year, reported by race and gender:

(i) the total outstanding dollar amount and number of private
education debts and number of consumers who owe those debts;

(ii) the total dollar amount and number of private education debts
accrued and number of consumers who owe those debts in the prior fiscal
year;

(iii) the total number and balance of student accounts with an
academic or administrative hold resulting from a private education debt;

(iv) the total number and balance of student accounts with an academic
or administrative hold resulting from a private education debt for which
a payment was made in the prior fiscal year and average payment made;

(v) the total number of student accounts for which federal financial
aid was returned to the federal government upon the student's withdrawal
from the provider of higher education in the prior fiscal year, and the
total dollar amount of any private education debt accrued as a result;

(vi) the number of consumers who owe a private education debt who
received a federal pell grant and the average debt owed;

(vii) the number of consumers who owe a private education debt who are
considered in-state and out-of-state students, and the total debt owed
by each group;

(viii) the total dollar amount, number of private education debts, and
number of consumers for which the private education creditor has in the
prior fiscal year (A) charged off the debt, (B) sent the debt to a third
party collection agency, (C) initiated a collection lawsuit, (D)
reported the debt to a consumer credit reporting agency, and (E) sold
the debt;

(ix) the total dollar amount, number of private education debts, and
number of consumers for which the private education creditor has, in the
prior fiscal year, collected on a private education debt in the
following instances: (A) payment arrangements wherein the payment was
not considered past due, such as tuition installment agreements; (B)
payments made on past due debts during the same academic term or billing
cycle in which the debt accrued and before such debts were sent to a
collection agency; (C) payments made on past due debts before they were
sent to a collection agency, excluding those payments made during the
same academic term or billing cycle in which the debt accrued; (D) a
third party collection agency, prior to initiating a lawsuit; and (E) a
collection lawsuit, including payments made by settlement or pursuant to
a judgment;

(x) additional information as may in the judgment of the
superintendent be necessary and appropriate in order to assess the total
size and status of the private education debt market and to assess
borrower well-being; and

(xi) a copy of any model written instrument used by a provider of
higher education in the prior fiscal year to substantiate a private
education debt, including but not limited to a promissory note,
enrollment agreement, or contract.

4. Not later than one year following the effective date of this
section, the superintendent shall create a publicly accessible website
that includes at least the following information about private education
creditors registered in this state:

(a) The name, address, telephone number and website for all private
education creditors;

(b) A summary of the information required by subdivision three of this
section; and

(c) Copies of all documents provided under subparagraph (xv) of
paragraph (a) of subdivision three of this section and subparagraph (xi)
of paragraph (c) of subdivision three of this section.