Senate Bill S1958

2019-2020 Legislative Session

Requires the licensure of student loan servicers

download bill text pdf

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Archive: Last Bill Status - Stricken


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-S1958 (ACTIVE) - Details

Law Section:
Banking Law
Laws Affected:
Add Art 14-A §§710 - 725, amd §§36, 39 & 44, Bank L
Versions Introduced in 2017-2018 Legislative Session:
S6589

2019-S1958 (ACTIVE) - Summary

Requires the licensure of student loan servicers.

2019-S1958 (ACTIVE) - Sponsor Memo

2019-S1958 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1958
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 18, 2019
                                ___________
 
 Introduced  by  Sen.  THOMAS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 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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