§ 19-33-16. Exemption.
(a) For the purposes of this chapter, any federal- or state-chartered bank or credit union that originates a student education loan or acts as a servicer, and any wholly owned subsidiary of a bank or credit union, shall be exempt from the provisions of §§ 19-33-4, 19-33-6 through 19-33-11, inclusive, §§ 19-33-12(9), and 19-33-14.
(b) Student loan servicers that are not banks or credit unions operating under federal or state charters, nor wholly owned subsidiaries thereof, that service student loans on behalf of state- or federal-chartered banks and credit unions, shall not be exempt from any section of this chapter.
History of Section.
P.L. 2019, ch. 199, § 1; P.L. 2019, ch. 265, § 1.