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NY A00431
Bill
Status
2/14/2025
Primary Sponsor
Harvey Epstein
Click for details
AI Summary
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Requires student loan servicers to submit annual reports by April 1st each year detailing private education debts serviced for New York residents during the prior calendar year
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Mandates reporting of all private education creditors associated with serviced debts, along with lists of higher education providers connected to those debts
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Requires disclosure of debt statistics including total outstanding amounts, number of debts created, default rates, debts with cosigners, refinanced loans, and collection lawsuit information
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Directs the superintendent to create a publicly accessible website within two years containing servicer contact information and summaries of reported data
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Authorizes civil penalties up to $10,000 per violation for student loan servicers who knowingly fail to comply with reporting requirements or furnish materially inaccurate information
Legislative Description
Provides that each student loan servicer shall submit an annual report containing a list of all private education creditors associated with the private education debts serviced by the student loan servicer that are owed by persons who resided in New York during the prior calendar year and containing additional information for each private education creditor reported.
Last Action
signed chap.15
2/14/2025