COLORADO STUDENT LOAN EQUITY ACT RULES

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DEPARTMENT OF LAW

Administrator – Uniform Consumer Credit Code

COLORADO STUDENT LOAN SERVICERS ACT RULES

4 CCR 902-3

[Editor’s Notes follow the text of the rules at the end of this CCR document]

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Rule 1. Nonrefundable Initial and Annual Renewal License Fees for Student Loan Servicers

The amount of the initial license fee for a license commencing January 31, 2020 for a student loan

servicer is $12,500. The amount of the annual renewal fee is $12,500. The amount of the initial license

fee and the annual renewal fee may be reduced or increased periodically based upon the Administrator’s

determination of anticipated changes to the cost of administering the Student Loan Servicer Act.

Rule 2. Nonrefundable Investigation Fee

The investigation fee for a student loan servicer, applicant for licensure pursuant to section 5-20-106(2),

C.R.S. is $500 and must be paid only at the time of and in conjunction with the initial license application.

Rule 3. Federal Contractor Exemption

A student loan servicer seeking licensure pursuant to section 5-20-106(1), C.R.S., shall document

eligibility for the exemption by submitting at least one of the following documents:

A.

The signed signature page to a currently operative contract showing that the servicer is a party to

a contract awarded by the United States Secretary of Education under 20 U.S.C. § 1087f; or

B.

Any other document that serves as the functional equivalent to (A), which will be judged in the

Administrator’s sole discretion.

Rule 4. Nonrefundable Registration Fees for Private Education Lenders

The amount of the registration fee for a private education lender is $1500. The amount of the registration

fee may be reduced or increased periodically based upon the Administrator’s determination of anticipated

changes to the cost of administering Part 2 of the Colorado Student Loan Equity Act.

Rule 5

strator’s sole discretion.

Rule 4. Nonrefundable Registration Fees for Private Education Lenders

The amount of the registration fee for a private education lender is $1500. The amount of the registration

fee may be reduced or increased periodically based upon the Administrator’s determination of anticipated

changes to the cost of administering Part 2 of the Colorado Student Loan Equity Act.

Rule 5. Registration Documents and Information Due Date

The documents and information required for registration in section 5-20-203(2)(b), C.R.S. shall be

provided to the Administrator with the registration fee and annually thereafter on or before September 1.

A.

[Expired 05/15/2023 per Senate Bill 23-102]

Code of Colorado Regulations

Secretary of State

State of Colorado

CODE OF COLORADO REGULATIONS

4 CCR 902-3

Administrator – Uniform Consumer Credit Code

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Rule 6. Alternative Registration Process and Fee Structure for Public and Private Nonprofit

Postsecondary Educational Institutions

A public or private nonprofit postsecondary educational institution may alternatively register with the

Administrator by submitting a registration fee of $300 and providing the following documents and

information by September 1 each year:

A.

the volume of private education loans made annually by the public or private nonprofit

postsecondary educational institution to private education loan borrowers in Colorado;

B.

the default rate for private education loan borrowers in Colorado obtaining private education loans

from the public or private nonprofit postsecondary educational institution;

C.

a copy of each model promissory note, agreement, contract, or other instrument used by the

public or private nonprofit postsecondary educational institution during the previous year to

substantiate that a private education loan has been extended to a private education loan

borrower or that a private education loan borrower owes a debt to the public or private nonprofit

postsecondary educational institution;

D

ch model promissory note, agreement, contract, or other instrument used by the

public or private nonprofit postsecondary educational institution during the previous year to

substantiate that a private education loan has been extended to a private education loan

borrower or that a private education loan borrower owes a debt to the public or private nonprofit

postsecondary educational institution;

D.

for a private nonprofit postsecondary educational institution, documentation that establishes that it

is a private nonprofit postsecondary educational institution, to be evaluated in the Administrator’s

discretion.