NY A01146

Establishes a student loan ombudsperson within the Department of Financial Services to receive and resolve complaints from student loan borrowers, assist borrowers in understanding their rights, and disseminate information about student loans

Requires student loan servicers to obtain a license from the commissioner to operate in New York, with exemptions for banks and credit unions; licenses must be renewed annually

Prohibits student loan servicers from engaging in deceptive practices, misrepresenting loan terms, knowingly misapplying payments, providing inaccurate information to credit bureaus, or refusing to communicate with authorized borrower representatives

Mandates that servicers maintain records of each loan transaction for at least two years following final payment and comply with all applicable federal student loan regulations

Requires the commissioner to file annual reports to the governor and legislature beginning January 1, 2028, detailing complaint numbers, types, and recommendations for improving oversight of student loan servicers