A new bill filed by Sen. Craven seeks to regulate student loan servicers and protect borrowers through licensing and oversight provisions, according to the North Carolina State Senate.
The bill, filed as SB 426 on March 24 during the 2025 regular session, was formally listed with the short title: ‘Student Borrowers’ Bill of Rights.’
The following is our breakdown, based on the actual bill text, and may include interpretation to clarify its provisions.
In essence, the bill establishes a comprehensive framework for regulating student loan servicers in North Carolina, creating a Student Borrowers’ Bill of Rights. It mandates that student loan servicers obtain a license through the Commissioner of Banks, with exemptions for certain financial institutions and educational entities. The bill requires servicers to maintain a minimum net worth of $250,000 and post a surety bond, scaled by servicing volume. It outlines servicer duties to borrowers, including timely responses to inquiries and accurate credit reporting, and prohibits deceptive practices. The bill authorizes a Student Loan Ombudsman to assist borrowers and mandates an education course on student loans. The bill is effective June 1, 2026, with the Ombudsman-related provisions effective January 1, 2027.
Of the two sponsors of this bill, Amy S. Galey proposed the most bills (35) during the 2025 regular session.
Bills in North Carolina follow a multi-step process before becoming law. A lawmaker starts by filing a bill, which is assigned to a committee for review. The bill must be read three times in each chamber. If one chamber changes the bill after the other passes it, both must agree on the final version. Once both chambers approve the same bill, it goes to the governor, who has 10 days (or 30 if the legislature is not in session) to sign, veto, or let it become law without a signature.
You can read more about the bills and other measures here.
Craven graduated from the University of North Carolina Charlotte in 2012 with a BA.
Craven, a Republican, was elected to the North Carolina State Senate in 2023 to represent the state’s 29th Senate district, replacing previous state senator Steven Jarvis.
| Authors | Bill Number | Date Filed | Title |
|---|---|---|---|
| David W. Craven, Jr. and Amy S. Galey | SB 426 | 03/24/2025 | Student Borrowers’ Bill of Rights. |
| David W. Craven, Jr., Brad Overcash, and Todd Johnson | SB 296 | 03/17/2025 | Buy American Steel. |
| David W. Craven, Jr., Dan Blue, and Danny Earl Britt, Jr. | SB 311 | 03/17/2025 | Utility Worker Protection Act. |
| David W. Craven, Jr., Dana Jones, and Danny Earl Britt, Jr. | SB 312 | 03/17/2025 | The Stars and Stripes Commitment Act. |
| David W. Craven, Jr., Eddie D. Settle, and Todd Johnson | SB 240 | 03/05/2025 | Establish NCSTARS Grant Program. |
| David W. Craven, Jr., Bill Rabon, and Vickie Sawyer | SB 145 | 02/24/2025 | Mecklenburg Transportation Referendum. |
| David W. Craven, Jr. and Todd Johnson | SB 43 | 02/03/2025 | Window Tint/Inspection/Approach of LEO. |
| David W. Craven, Jr. | SB 5 | 01/29/2025 | 29th Senatorial District Local Act-1. |
