AUGUSTA — A bill designed to protect student loan borrowers in Maine from unscrupulous lending practices has received unanimous support in committee.
Democratic Sen. Eloise Vitelli of Arrowsic proposed a “Student Loan Bill of Rights” that would incorporate a registration procedure and require the lenders to comply with federal laws. The Maine Legislature’s Health Coverage, Insurance and Financial Services Committee endorsed the bill on Tuesday.
Vitelli has said her proposal would also prohibit the lenders from misleading borrowers, and it would allow Maine officials to investigate servicers of student loans. She says the bill is a way to address the student debt burden in the state and hold lenders accountable.
Vitelli’s proposal now heads to the Maine House of Representatives and Senate for votes.
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