House Bill No. 610 enacts a new chapter in the Louisiana Revised Statutes, specifically Chapter 22 of Title 6, which focuses on the regulation of student loan servicers. The bill defines key terms related to student loans, such as "nonconforming payment," "service," "student education loan," "student loan borrower," and "student loan servicer." It outlines the duties and responsibilities of student loan servicers, prohibiting them from engaging in misleading practices, misrepresenting information, or misapplying payments. Additionally, the bill mandates that servicers must acknowledge written inquiries or complaints from borrowers within ten days and respond to them within thirty days.

The legislation also establishes procedures for handling nonconforming payments, requiring servicers to notify borrowers of such payments and seek their direction on how to apply them. This bill aims to enhance transparency and accountability in the student loan servicing process, ensuring that borrowers are treated fairly and that their rights are protected. Overall, it seeks to create a more structured and regulated environment for student loan servicing in Louisiana.