Assembly Bill A8067A

2025-2026 Legislative Session

Relates to an exemption from the licensing requirements for servicers of student loans

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Sponsored By

Current Bill Status - Passed Senate & Assembly

  • 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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Votes

Bill Amendments

co-Sponsors

2025-A8067 - Details

See Senate Version of this Bill:
S7752
Law Section:
Banking Law
Laws Affected:
Amd §711, Bank L

2025-A8067 - Summary

Relates to an exemption from the licensing requirements for servicers of student loans.

2025-A8067 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8067
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 23, 2025
                                ___________
 
 Introduced  by M. of A. EPSTEIN -- read once and referred to the Commit-
   tee on Banks
 
 AN ACT to amend the financial services law,  in  relation  to  requiring
   private  nonprofit  postsecondary  providers of higher education which
   service student loans to submit an annual report relating  to  student
   loan services provided

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The opening paragraph of subdivision 1 of  section  902  of
 the  financial  services  law,  as  amended by chapter 15 of the laws of
 2025, is amended to read as follows:
   Each student loan servicer AND PRIVATE NONPROFIT POSTSECONDARY PROVID-
 ER OF HIGHER  EDUCATION  SERVICING  STUDENT  LOANS,  AS  "SERVICING"  IS
 DEFINED IN SUBDIVISION SEVEN OF SECTION SEVEN HUNDRED TEN OF THE BANKING
 LAW,  shall, by the first of April of each year, submit an annual report
 which complies with any instructions published by the superintendent, in
 the manner set forth in such instructions, certifying  as  accurate  the
 following  information  for the private education debt such student loan
 servicer OR PRIVATE NONPROFIT POSTSECONDARY PROVIDER OF HIGHER EDUCATION
 SERVICING STUDENT LOANS serviced during the prior calendar year:
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11792-01-5

co-Sponsors

2025-A8067A (ACTIVE) - Details

See Senate Version of this Bill:
S7752
Law Section:
Banking Law
Laws Affected:
Amd §711, Bank L

2025-A8067A (ACTIVE) - Summary

Relates to an exemption from the licensing requirements for servicers of student loans.

2025-A8067A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8067--A
                                                         Cal. No. 118
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 23, 2025
                                ___________
 
 Introduced  by M. of A. EPSTEIN, DE LOS SANTOS -- read once and referred
   to the Committee on Banks -- reported from committee,  advanced  to  a
   third  reading,  amended and ordered reprinted, retaining its place on
   the order of third reading

 AN ACT to amend the banking law, in relation to an  exemption  from  the
   licensing requirements for servicers of student loans
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1.   Subdivision 2 of section  711  of  the  banking  law,  as
 amended  by  section  1  of part L of chapter 58 of the laws of 2019, is
 amended to read as follows:
   2. The licensing provisions of this article shall  not  apply  to  any
 exempt  organization  that  is  a  student loan servicer; provided that,
 unless preempted by federal law,  such  exempt  organization  [notifies]
 SHALL  NOTIFY  the  superintendent that it is servicing student loans in
 this state and complies with sections  seven  hundred  seventeen,  seven
 hundred  nineteen,  seven hundred twenty-one, seven hundred twenty-three
 and seven hundred twenty-five of this article AND ARTICLE  NINE  OF  THE
 FINANCIAL  SERVICES  LAW  and  any regulation applicable to student loan
 servicers promulgated by the superintendent.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11792-02-5

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