(2) The ombudsman that the director appoints or designates under subsection (1) of this section shall, in consultation with the director or with other individuals the director designates:
(a) Receive, review and attempt to resolve complaints from borrowers. The ombudsman may consult or collaborate with student loan servicers, institutions of higher education, federal regulators or regulators in this state or other states and any other person that participates in activities related to student loans.
(b) Compile and analyze data on complaints from borrowers.
(c) Assist borrowers in understanding the borrowers’ rights and responsibilities under the terms of the borrowers’ student loans.
(d) Provide information about problems that borrowers have with student loans and recommend methods for addressing the problems to the public, to state agencies in this state or in other states, to members of the Legislative Assembly and to other persons that have an interest in student loans or in lending and servicing practices related to student loans.
(e) Monitor and analyze the substance and implementation of federal, state and local laws, regulations, rules and policies related to student loans and borrowers and recommend any changes the ombudsman deems necessary.
(f) Review the history of any student loan for which the borrower has provided consent for the review.
(g) Publicize the ombudsman’s availability and the services that the ombudsman provides to borrowers and other persons that participate in activities related to student loans.
(h) Establish an education program for borrowers that, at a minimum, discusses key loan terms, documentation requirements, monthly payment obligations, income-based repayment options, loan forgiveness opportunities and requirements, and disclosure requirements. The ombudsman may provide the program or may contract with a vendor to provide a program that meets standards the ombudsman specifies. The ombudsman or vendor may provide the program remotely or electronically.
(i) Take any other action that is necessary to implement the duties described in this section.
(3) By July 1 of each year, the director shall submit a report to a committee or interim committee of the Legislative Assembly related to higher education that:
(a) Summarizes the ombudsman’s activities in implementing this section;
(b) Evaluates the effectiveness of the ombudsman and the ombudsman’s activities in implementing this section and makes recommendations for any changes that are necessary in the ombudsman’s powers or responsibilities; and
(c) Recommends changes in law or rule or in the application or implementation of laws or rules related to servicing student loans that are necessary to achieve regulatory compliance among student loan servicers and otherwise to reduce the incidence of problems and complaints from borrowers. [2021 c.651 §11]
Note: 725A.530 becomes operative July 1, 2022. See section 13, chapter 651, Oregon Laws 2021.
Note: Section 14, chapter 651, Oregon Laws 2021, provides:
Sec. 14. The Director of the Department of Consumer and Business Services shall first submit the report required under section 11 (3) of this 2021 Act [725A.530 (3)] by July 1, 2023. [2021 c.651 §14]