student loan servicers; licensure

HB 2290 establishes a licensing requirement for student loan servicers operating in Arizona, directly affecting entities that manage student loans for borrowers. It mandates that most servicers obtain a state license (with exceptions for banks/credit unions), requiring application fees, financial disclosures, and criminal background checks. The bill also creates a state student loan ombudsman to handle borrower complaints, analyze issues, and develop an education course on loan terms and repayment options by 2025. Key provisions include license renewal rules, suspension for unpaid fees, and a requirement for servicers to notify the state of operational changes. This policy changes how student loan servicing is regulated within Arizona, focusing on oversight and borrower support.