Student Borrowers' Bill of Rights.

SB 426, the Student Borrowers' Bill of Rights, requires the North Carolina Commissioner of Banks to license and regulate student loan servicers operating in the state, directly affecting borrowers who took out loans for education at North Carolina institutions or for in-state school expenses. The bill mandates that all student loan servicers (excluding banks, credit unions, state entities, and certain educational institutions) obtain a license through the Nationwide Multistate Licensing System, ensuring fair treatment and clear accountability. It establishes a Student Loan Ombudsman position to handle borrower complaints and defines key terms like "servicer" and "overpayment" to clarify protections. The law aims to prevent unfair practices by standardizing servicer conduct and providing borrowers with a formal complaint pathway.