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Financial Services Law Insights and Observations

Maryland regulator reminds student loan servicers of obligation to report suspended payments as current

State Issues Covid-19 Maryland Student Lending Student Loan Servicer Credit Reporting Agency CARES Act

State Issues

On May 18, the Office of the Maryland Commissioner of Financial Regulation issued an advisory to student loan servicers and credit reporting agency registrants to remind them of their furnishing obligations under the federal CARES Act to ensure that suspended payments are not reported as delinquent. The advisory notes that it has come to the office’s attention that a student loan servicer of a significant amount of federal student loan debt was not accurately furnishing information and reminds servicers that under Maryland’s Student Loan Servicing Bill of Rights, it is a violation of Maryland law to knowing or recklessly provide inaccurate information or refuse to correct it.

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