senate Bill S6589

2017-2018 Legislative Session

Requires the licensure of student loan servicers

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Banks Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to banks
Jun 05, 2017 referred to rules

Co-Sponsors

S6589 (ACTIVE) - Details

See Assembly Version of this Bill:
A7582
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add Art 14-A §§710 - 725, amd §§36, 39 & 44, Bank L
Versions Introduced in 2019-2020 Legislative Session:
S1958, A2071

S6589 (ACTIVE) - Summary

Requires the licensure of student loan servicers.

S6589 (ACTIVE) - Sponsor Memo

S6589 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6589

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                              June 5, 2017
                               ___________

Introduced  by Sen. HAMILTON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the banking law, in relation to requiring the  licensure
  of student loan servicers

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The banking law is amended by adding a new article 14-A  to
read as follows:
                              ARTICLE XIV-A
                         STUDENT LOAN SERVICERS
SECTION 710. DEFINITIONS.
        711. LICENSING.
        712. APPLICATION FOR A STUDENT LOAN SERVICER LICENSE; FEES.
        713. APPLICATION  PROCESS  TO  RECEIVE  LICENSE TO ENGAGE IN THE
               BUSINESS OF STUDENT LOAN SERVICING.
        714. CHANGES IN OFFICERS AND DIRECTORS.
        715. CHANGES IN CONTROL.
        716. GROUNDS FOR SUSPENSION OR REVOCATION OF LICENSE.
        717. BOOKS AND RECORDS; REPORTS AND ELECTRONIC FILING.
        718. RULES AND REGULATIONS.
        719. PROHIBITED PRACTICES.
        720. SERVICING STUDENT LOANS WITHOUT A LICENSE.
        721. RESPONSIBILITIES.
        722. EXAMINATIONS.
        723. PENALTIES FOR VIOLATION OF THIS ARTICLE.
        724. SEVERABILITY OF PROVISIONS.
        725. COMPLIANCE WITH OTHER LAWS.
  § 710. DEFINITIONS. 1. "APPLICANT" SHALL MEAN ANY PERSON APPLYING  FOR
A LICENSE TO BE A STUDENT LOAN SERVICER.
  2. "BORROWER" SHALL MEAN ANY RESIDENT OF THIS STATE WHO HAS RECEIVED A
STUDENT  LOAN  OR  AGREED IN WRITING TO PAY A STUDENT LOAN OR ANY PERSON

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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