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NY A08067
Bill
Status
12/5/2025
Primary Sponsor
Harvey Epstein
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AI Summary
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Requires exempt organizations that service student loans to notify the superintendent that they are servicing student loans in New York state, changing the language from permissive to mandatory ("shall notify")
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Adds compliance requirements for exempt student loan servicers to follow article nine of the financial services law, in addition to existing banking law sections
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Maintains the exemption from licensing requirements for exempt organizations servicing student loans, provided they meet notification and compliance obligations
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Preserves federal preemption, meaning requirements only apply unless superseded by federal law
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Takes effect immediately upon enactment
Legislative Description
Relates to an exemption from the licensing requirements for servicers of student loans.
Last Action
signed chap.589
12/5/2025