The Colorado Student Loan Servicers 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.
Pursuant to § 5-20-106(1), C.R.S., those seeking to act as student loan servicers in Colorado who hold a contract awarded by the United States Secretary of Education, under 20 U.S.C. sec. 1087f, as amended, are exempt from the application procedures described in § 5-20-106(2), C.R.S. Servicers wishing to seek exemption from the application procedures must still submit the SLS - Federal Contractor - Initial License Application.
Pursuant to § 5-20-105, C.R.S., "On or after January 31, 2020, a person shall not act as a student loan servicer, directly or indirectly, without first obtaining a student loan servicing license from the Administrator."
|One-time Investigation Fee (Other Servicers only)||$ 500|
|License Fee - For 2023, we are offering a fee holiday!||$ 7,200|
*Initial fees must be paid via check. Subsequent, renewal fees may be paid online. Checks should be made payable to the "Colorado Department of Law."
|Renewal becomes available||Around mid-December each year|
|Renewal deadline||January 31 each year|
*All student loan servicer licenses expire each January 31, regardless of the date issued! Renewals must be submitted no later than January 31 to avoid expiration.
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.