§ 31–106.02e. Enforcement.

(a) In addition to complying with the requirements of the New Student Loan Borrower Bill of Rights Amendment Act of 2024, passed on 2nd reading on September 17, 2024 (Enrolled version of Bill 25-37) ("act"), a student loan servicer shall comply with all applicable federal laws relating to student loan servicing, as from time to time amended, and the regulations promulgated pursuant to those federal laws.

(b) A violation of § 31-106.02a or § 31-106.02c is an unfair or deceptive trade practice pursuant to § 28-3904.

(c) Any person who suffers damage as a result of the failure of a student loan servicer or private education lender to comply with §§ 31-106.02, 31-106.02a, 31-106.02b, 31-106.02c, 31-106.02d, or 31-106.02e(a) may bring an action on their own behalf and on behalf of a similarly situated class of consumers against that student loan servicer or private education lender to recover or obtain:

(1) Actual damages, but in no case shall the total award of damages be less than $500 per plaintiff, per violation;

(2) An order enjoining the methods, acts, or practices;

(3) Restitution of property;

(4) Punitive damages;

(5) Attorney's fees; or

(6) Any other relief that the court considers proper.

(d) In addition to any other remedies provided by this section or otherwise provided by law, whenever it is proven by a preponderance of the evidence that a student loan servicer or private education lender has engaged in conduct that substantially interferes with a student borrower's right to an alternative payment arrangement, loan forgiveness, cancellation, or discharge, or any other financial benefit, as established under the terms of a student loan borrower's promissory note or under the Higher Education Act of 1965 (20 U.S.C. § 1070a et seq.), ("Higher Education Act"), as from time to time amended, and regulations promulgated pursuant to the Higher Education Act, the court shall award treble actual damages to the plaintiff, but in no case shall the award of damages be less than $1,500 per violation.

(e) The remedies provided in this section are not the exclusive remedies available to a student loan borrower or cosigner, nor must the student loan borrower exhaust any administrative remedies provided in this section or any other applicable law before proceeding pursuant to this section.

(f) The Attorney General may bring an action for any violation of §§ 31-106.02, 31-106.02a, 31-106.02b, 31-106.02c, 31-106.02d, or 31-106.02e(a) under the authority granted in § 28-3909.

(g) The Department shall share information on a quarterly basis related to the implementation, execution, and enforcement of §§ 31-106.02, 31-106.02a, 31-106.02b, 31-106.02c, 31-106.02d, or 31-106.02e(a) with the Office of the Attorney General.