SB691,3 23Section 3. 15.185 (6) of the statutes is created to read:

SB691,3,2524 15.185 (6) Office of the student loan ombudsman. There is created in the
25department of financial institutions an office of the student loan ombudsman.

1Section 4. Subchapter V of chapter 224 [precedes 224.101] of the statutes is
2created to read:

SB691,4,6 6224.101 Definitions. In this subchapter:

SB691,4,7 7(1) “Board” means the higher educational aids board.

SB691,4,9 8(2) “Exempt organization” means the board or a state-regulated financial
9service provider.

SB691,4,10 10(3) “Licensee” means a person holding a license issued under this subchapter.

SB691,4,11 11(4) “Office” means the office of the student loan ombudsman in the department.

SB691,4,12 12(5) “Servicing" means doing all of the following:

SB691,4,1413 (a) Receiving scheduled periodic payments from a student loan borrower
14pursuant to the terms of a student education loan.

SB691,4,1715 (b) Applying the payments of principal and interest and any other payments
16with respect to the amounts received from a student loan borrower as may be
17required pursuant to the terms of a student education loan.

SB691,4,1918 (c) Performing other administrative services with respect to a student
19education loan.

SB691,4,20 20(6) “State-regulated financial service provider” means any of the following:

SB691,4,2121 (a) A bank organized under ch. 221.

SB691,4,2222 (b) A savings bank organized under ch. 214.

SB691,4,2323 (c) A savings and loan association organized under ch. 215.

SB691,4,2424 (d) A credit union organized under ch. 186.

SB691,4,2525 (e) A consumer lender licensed under s. 138.09.

SB691,5,3

1(7) “Student education loan" means a loan that is extended to a student loan
2borrower expressly for postsecondary education expenses or related expenses and
3does not include open-end credit or any loan that is secured by real property.

SB691,5,4 4(8) “Student loan borrower" means any of the following:

SB691,5,65 (a) A resident of this state who has received or agreed to pay a student
6education loan.

SB691,5,87 (b) A person who shares legal responsibility with a resident under par. (a) for
8repaying the student education loan.

SB691,5,11 9(9) “Student loan servicer" means a person, wherever located, responsible for
10the servicing of a student education loan, but does not include the board or any
11state-regulated financial service provider.

SB691,5,12 12224.102 Ombudsman services. The office shall do all of the following:

SB691,5,13 13(1) Provide timely assistance to student loan borrowers.

SB691,5,14 14(2) Receive, review, and attempt to resolve complaints from all of the following: