Proposed Bill Would Protect Mainers Who Borrow Student Loans
Maine is the oldest state in the country, meaning there are fewer young people here buying houses and settling down as it is. Include the fact that students in Maine are trying to pay off student debt and therefore neglecting to buy houses.
Up until now, students in Maine who borrowed loans for school were exposed to misleading assertions and fraud at the hand of money lenders. However, a bill proposed by a Maine lawmaker would protect students from being exploited by lenders, according to News Center Maine.
Sen. Eloise Vitelli (D-Arrowsic) says her bill, LD 995, would create a registration system by which Maine could monitor student loan services operating within the state, allowing state officials to investigate lenders and aiding students who have been taken advantage of.
Vitelli's bill received a public hearing on Tuesday before the Legislature's Health Coverage, Insurance and Financial Services Committee. It faces further action in front of the House and Senate, News Center Maine reports.