senate Bill S1958

2019-2020 Legislative Session

Requires the licensure of student loan servicers

download bill text pdf

Sponsored By

Archive: Last Bill Status - Stricken


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

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Actions

view actions (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 09, 2020 recommit, enacting clause stricken
Jan 08, 2020 referred to consumer protection
Jan 28, 2019 reported and committed to banks
Jan 24, 2019 committee discharged and committed to consumer protection
Jan 18, 2019 referred to banks

Votes

view votes

Jan 28, 2019 - Consumer Protection committee Vote

S1958
5
2
committee
5
Aye
2
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Consumer Protection committee vote details

Consumer Protection Committee Vote: Jan 28, 2019

nay (2)

Co-Sponsors

S1958 (ACTIVE) - Details

Current Committee:
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

S1958 (ACTIVE) - Summary

Requires the licensure of student loan servicers.

S1958 (ACTIVE) - Sponsor Memo

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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