§ 19-33-16. Exemption.
(a) For the purposes of this chapter, any federal- or state-chartered bank or credit union that originates a student education loan or acts as a servicer, and any wholly owned subsidiary of a bank or credit union, shall be exempt from the provisions of §§ 19-33-4, 19-33-6 through 19-33-11, inclusive, §§ 19-33-12(9), and 19-33-14.
(b) Student loan servicers that are not banks or credit unions operating under federal or state charters, nor wholly owned subsidiaries thereof, that service student loans on behalf of state- or federal-chartered banks and credit unions, shall not be exempt from any section of this chapter.
History of Section.P.L. 2019, ch. 199, § 1; P.L. 2019, ch. 265, § 1.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Chapter 19-33 - Student Loan Bill of Rights Act
Section 19-33-2. - Definitions.
Section 19-33-3. - Borrower assistance, education, and complaints.
Section 19-33-4. - Registration of student loan servicers.
Section 19-33-5. - Servicer registration account established.
Section 19-33-6. - Maintenance of records.
Section 19-33-7. - Reporting requirements.
Section 19-33-8. - Responsibilities of student loan servicers.
Section 19-33-9. - Examinations.
Section 19-33-11. - Appeal and review.
Section 19-33-12. - Prohibited conduct.
Section 19-33-13. - Investigation and enforcement.
Section 19-33-14. - Private actions.
Section 19-33-15. - Student loan consumer protection account established.