The Colorado Student Loan Equity Act applies to any organization engaged in servicing a student loan owed by a Colorado resident. To qualify for licensure as a federal contractor, there must be a currently operative contract awarded by the U.S. Secretary of Education under 20 U.S.C. § 108f, as amended, in place. See § 5-20-106(1), C.R.S. Otherwise, Other Servicer requirements are laid out in § 5-20-106(2) and (3), C.R.S.
IMPORTANT NOTE: The above license (once issued) is valid through each January 31 regardless of the date issued and must be renewed annually. Expand the above information for specific dates for student loan servicers.
Although a license or notification expiration date may reflect the prior 1/31, the existing license shall not expire (so long as a renewal is submitted) until the renewal application has been finally acted upon by the agency, pursuant to § 24-4-104(7), C.R.S.