This state just passed sweeping protections for student loan borrowers

Source: Adam S. Minsky, Esq. - Forbes

In a landmark move, California’s state legislature passed sweeping legislation this week to protect student loan borrowers.

Referred to as a student loan borrower “bill of rights,” the new law would establish enforceable, statewide industry standards for student loan servicers and protects student loan borrowers against unfair, deceptive, and predatory practices by servicers and lenders. The bill was previously approved by the California State Assembly; the State Senate followed suit this week, approving the bill by a 29-9 margin. The bill now heads to Governor Gavin Newsom’s desk for his signature.

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