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(c) A savings and loan association organized under ch. 215.
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(d) A credit union organized under ch. 186.
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(e) A consumer lender licensed under s. 138.09.
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12(7) “Student education loan" means a loan that is extended to a student loan
13borrower expressly for postsecondary education expenses or related expenses and
14does not include open-end credit or any loan that is secured by real property.
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15(8) “Student loan borrower" means any of the following:
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(a) A resident of this state who has received or agreed to pay a student
17education loan.
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(b) A person who shares legal responsibility with a resident under par. (a) for
19repaying the student education loan.
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20(9) “Student loan servicer" means a person, wherever located, responsible for
21the servicing of a student education loan, but does not include the board or any
22state-regulated financial service provider.
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23224.102 Ombudsman services. The office shall do all of the following:
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24(1) Provide timely assistance to student loan borrowers.
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25(2) Receive, review, and attempt to resolve complaints from all of the following:
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1(a) Student loan borrowers.
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(b) In collaboration with institutions of higher education, student loan
3servicers and any other participants in student education loan lending, including
4originators servicing their own student education loans.
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5(3) Compile and analyze data on student loan borrower complaints as
6described in sub. (2) and as resolved under s. 224.104.
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7(4) Assist student loan borrowers in understanding their rights and
8responsibilities under the terms of student education loans.
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9(5) Provide information to the public, agencies, the legislature, and others
10regarding the problems and concerns of student loan borrowers and make
11recommendations for resolving those problems and concerns.
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12(6) Analyze and monitor the development and implementation of federal, state,
13and local laws, ordinances, regulations, rules, and policies relating to student loan
14borrowers and recommend any necessary changes.
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15(7) Review, as authorized and appropriate, the complete student education
16loan history for a student loan borrower who provides written consent for the review.
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17(8) Provide sufficient outreach and disseminate information concerning the
18availability of the office to assist student loan borrowers and potential student loan
19borrowers, public institutions of higher education, student loan servicers, and any
20other participants in student education loan lending with any student education
21loan servicing concerns.
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22(9) Seek the assistance of an exempt organization in the resolution of a student
23loan borrower complaint as described in sub. (2) involving that exempt organization.
24The exempt organization shall cooperate with the office as required by s. 224.104.
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1(10) Take any other action necessary to fulfill the duties of the office as set forth
2in this subchapter.
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3224.103 Annual report. The office shall submit a report by January 1 of each
4year to the standing committee of each house of the legislature having jurisdiction
5over matters related to higher education. The report shall include all of the
6following:
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7(1) A description of actions taken with respect to the implementation of this
8subchapter.
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9(2) An assessment of the overall effectiveness of the office, including
10information, in the aggregate, regarding student loan borrower complaints
11investigated with the assistance of an exempt organization.
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12(3) Recommendations regarding additional steps for the department to gain
13regulatory control over licensing and enforcement with respect to student loan
14servicers.
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15224.104 Assistance by exempt organizations; report. (1) An exempt
16organization that is requested by the office to provide assistance under s. 224.102 (9)
17shall provide, in a timely manner, the information requested by the office necessary
18to investigate and resolve a student loan borrower complaint, including the steps
19taken by the exempt organization to resolve the complaint, or, on its own, shall
20resolve, in a timely manner, the complaint and provide the office with documentation
21regarding the resolution.
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22(2) Annually, an exempt organization that is involved in the resolution of a
23complaint under this section shall report to the office the number of complaints
24received and the number of complaints resolved by the exempt organization.
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1224.105 Licensing of student loan servicers. (1) A person, wherever
2located, may not directly or indirectly engage in servicing student education loans
3in this state without first obtaining a license from the office under this section, unless
4the person is exempt from licensure under sub. (2).
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5(2) The following persons are exempt from the licensing requirement under
6sub. (1):