AB68-SSA1,1143,14 (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.

AB68-SSA1,1143,17 (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.

AB68-SSA1,1143,19 (7) Review, as authorized and appropriate, the complete student education loan history for a student loan borrower who provides written consent for the review.

AB68-SSA1,1143,24 (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.

AB68-SSA1,1144,3 (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.

AB68-SSA1,1144,5 (10) Take any other action necessary to fulfill the duties of the office as set forth in this subchapter.

AB68-SSA1,1144,9 224.103 Annual report. The office shall submit a report by January 1 of each year to the standing committee of each house of the legislature having jurisdiction over matters related to higher education. The report shall include all of the following:

AB68-SSA1,1144,11 (1) A description of actions taken with respect to the implementation of this subchapter.

AB68-SSA1,1144,14 (2) An assessment of the overall effectiveness of the office, including information, in the aggregate, regarding student loan borrower complaints investigated with the assistance of an exempt organization.

AB68-SSA1,1144,17 (3) Recommendations regarding additional steps for the department to gain regulatory control over licensing and enforcement with respect to student loan servicers.

AB68-SSA1,1144,24 224.104 Assistance by exempt organizations; report. (1) An exempt organization that is requested by the office to provide assistance under s. 224.102 (9) shall provide, in a timely manner, the information requested by the office necessary to investigate and resolve a student loan borrower complaint, including the steps taken by the exempt organization to resolve the complaint, or, on its own, shall resolve, in a timely manner, the complaint and provide the office with documentation regarding the resolution.

AB68-SSA1,1145,3 (2) Annually, an exempt organization that is involved in the resolution of a complaint under this section shall report to the office the number of complaints received and the number of complaints resolved by the exempt organization.

AB68-SSA1,1145,7 224.105 Licensing of student loan servicers. (1) A person, wherever located, may not directly or indirectly engage in servicing student education loans in this state without first obtaining a license from the office under this section, unless the person is exempt from licensure under sub. (2).

AB68-SSA1,1145,9 (2) The following persons are exempt from the licensing requirement under sub. (1):

AB68-SSA1,1145,10 (a) A state-regulated financial service provider.

AB68-SSA1,1145,11 (b) The board.

AB68-SSA1,1145,14 (3) A person seeking to act within this state as a student loan servicer shall make a written application to the office for an initial license in the form prescribed by the office. The application shall be accompanied by all of the following:

AB68-SSA1,1145,18 (a) A financial statement prepared by a certified public accountant or a public accountant, a general partner if the applicant is a partnership, a corporate officer if the applicant is a corporation, or a member duly authorized to execute such documents if the applicant is a limited liability company or association.

AB68-SSA1,1145,21 (b) Information regarding the history of criminal convictions of the following, which information must be sufficient, as determined by the office, to make the findings under sub. (4):

AB68-SSA1,1145,22 1. The applicant.

AB68-SSA1,1145,23 2. Officers, directors, and principal employees of the applicant.

AB68-SSA1,1145,25 3. Each individual shareholder, member, or partner who directly or indirectly controls 10 percent or more of the ownership interests of the applicant.

AB68-SSA1,1146,1 (c) A nonrefundable license fee of $1,000.

AB68-SSA1,1146,2 (d) A nonrefundable investigation fee of $800.

AB68-SSA1,1146,9 (4) Upon the filing of an application for an initial license and the payment of the fees for licensing and investigation under sub. (3), the office shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant. The office may conduct criminal history background checks of the applicant and of each partner, member, officer, director, and principal employee of the applicant. The office may issue a license if the office finds all of the following to be true:

AB68-SSA1,1146,10 (a) The applicant's financial condition is sound.

AB68-SSA1,1146,13 (b) The applicant's business will be conducted honestly, fairly, equitably, carefully, and efficiently within the purposes and intent of this subchapter and in a manner commanding the confidence and trust of the community.

AB68-SSA1,1146,16 (c) No person on behalf of the applicant has knowingly made an incorrect statement of a material fact in the application or in any report or statement made under this subchapter.

AB68-SSA1,1146,17 (d) The applicant has met any other requirements as determined by the office.