SB111,1318,21 (3) “Licensee” means a person holding a license issued under this subchapter.

SB111,1318,22 (4) “Office” means the office of the student loan ombudsman in the department.

SB111,1318,23 (5) “Servicing" means doing all of the following:

SB111,1318,25 (a) Receiving scheduled periodic payments from a student loan borrower pursuant to the terms of a student education loan.

SB111,1319,3 (b) Applying the payments of principal and interest and any other payments with respect to the amounts received from a student loan borrower as may be required pursuant to the terms of a student education loan.

SB111,1319,5 (c) Performing other administrative services with respect to a student education loan.

SB111,1319,6 (6) “State-regulated financial service provider” means any of the following:

SB111,1319,7 (a) A bank organized under ch. 221.

SB111,1319,8 (b) A savings bank organized under ch. 214.

SB111,1319,9 (c) A savings and loan association organized under ch. 215.

SB111,1319,10 (d) A credit union organized under ch. 186.

SB111,1319,11 (e) A consumer lender licensed under s. 138.09.

SB111,1319,14 (7) “Student education loan" means a loan that is extended to a student loan borrower expressly for postsecondary education expenses or related expenses and does not include open-end credit or any loan that is secured by real property.

SB111,1319,15 (8) “Student loan borrower" means any of the following:

SB111,1319,17 (a) A resident of this state who has received or agreed to pay a student education loan.

SB111,1319,19 (b) A person who shares legal responsibility with a resident under par. (a) for repaying the student education loan.

SB111,1319,22 (9) “Student loan servicer" means a person, wherever located, responsible for the servicing of a student education loan, but does not include the board or any state-regulated financial service provider.

SB111,1319,23 224.102 Ombudsman services. The office shall do all of the following:

SB111,1319,24 (1) Provide timely assistance to student loan borrowers.

SB111,1319,25 (2) Receive, review, and attempt to resolve complaints from all of the following:

SB111,1320,1 (a) Student loan borrowers.

SB111,1320,4 (b) In collaboration with institutions of higher education, student loan servicers and any other participants in student education loan lending, including originators servicing their own student education loans.

SB111,1320,6 (3) Compile and analyze data on student loan borrower complaints as described in sub. (2) and as resolved under s. 224.104.

SB111,1320,8 (4) Assist student loan borrowers in understanding their rights and responsibilities under the terms of student education loans.

SB111,1320,11 (5) Provide information to the public, agencies, the legislature, and others regarding the problems and concerns of student loan borrowers and make recommendations for resolving those problems and concerns.

SB111,1320,14 (6) Analyze and monitor the development and implementation of federal, state, and local laws, ordinances, regulations, rules, and policies relating to student loan borrowers and recommend any necessary changes.

SB111,1320,16 (7) Review, as authorized and appropriate, the complete student education loan history for a student loan borrower who provides written consent for the review.

SB111,1320,21 (8) Provide sufficient outreach and disseminate information concerning the availability of the office to assist student loan borrowers and potential student loan borrowers, public institutions of higher education, student loan servicers, and any other participants in student education loan lending with any student education loan servicing concerns.

SB111,1320,24 (9) Seek the assistance of an exempt organization in the resolution of a student loan borrower complaint as described in sub. (2) involving that exempt organization. The exempt organization shall cooperate with the office as required by s. 224.104.