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Can you summarize 12 USC 5535?
Specific Bureau Authorities > Private Education Loan Ombudsman
Short Summary
This legal document establishes the Private Education Loan Ombudsman within the Bureau of Consumer Financial Protection. The Ombudsman is designated to provide timely assistance to borrowers of private education loans. The Secretary and the Director are required to disseminate information about the Ombudsman’s availability and functions to borrowers, potential borrowers, and various entities involved in private education loan programs. The Ombudsman’s functions include receiving and attempting to resolve complaints from borrowers, establishing coordination with the student loan ombudsman for assistance with complaints related to private education or Federal student loans, compiling and analyzing data on borrower complaints, and making recommendations to relevant authorities. The Ombudsman is also required to prepare an annual report on their activities and effectiveness, which is submitted to specific government committees. The terms ‘private education loan’ and ‘institution of higher education’ have the same meanings as defined in section 1650 of title 15.
Whom does it apply to?
Borrowers of private education loans, institutions of higher education, lenders, guaranty agencies, loan servicers, and other participants in private education student loan programs
What does it govern?
Private Education Loan Ombudsman
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
U.S. Federal Government