Student Borrower’s Bill of Rights Moves to Governor’s Desk
Mike Seals - April 23, 2021 1:16 am
OKLAHOMA CITY — Oklahoma student lenders are a governor’s signature away from having increased protection from predatory lending practices after the House passed the Student Borrower’s Bill of Rights on Wednesday.
The Student Borrower’s Bill of Rights (Senate Bill 261), authored by Rep. Melissa Provenzano, D-Tulsa and Sen. John Michael Montgomery, R-Lawton, seeks to establish for Oklahoma student loan borrowers basic, common-sense state-level protections when working with student loan servicers.
“The Student Borrower’s Bill of Rights is about ensuring that students, often young inexperienced borrowers, are protected from nefarious lenders,” Provenzano said. “It should be noted that when people know they are protected, there is potential gain for responsible lenders through increased consumer confidence.”
Experian, a consumer credit reporting company, reported that Oklahoma’s average student loan debt rose from $31,931 in 2019 to $34,494 in 2020 – an eight percent increase.
“There is a movement in state legislatures, and among policymakers across the country, to curb the expanding cost of student loans and crackdown on vulturous lending practices,” Provenzano said. “Tonight, we unanimously joined that movement. I appreciate my colleagues’ dedication to protecting student borrowers, and I look forward to this legislation becoming law.”
SB261 is now eligible to be signed into law by Gov. Kevin Stitt.