Bill > A00431

This bill modifies New York's financial services law to require student loan servicers to submit an annual report by April 1st each year detailing private education debts serviced for New York residents during the previous calendar year. The report must include a comprehensive list of private education creditors associated with these debts and provide detailed information for each creditor, such as the providers of higher education linked to the debts, total outstanding dollar amounts, number of debts, number of consumers, debts created in the prior year, default rates, refinancing information, and legal actions taken for debt collection. The bill changes the existing framework from a "private education debt registry" to a "private education debt reporting" system, shifting the reporting focus from private education creditors to student loan servicers. The superintendent of financial services is required to create a publicly accessible website within two years that will display information about student loan servicers and a summary of the reported data. Violations of the reporting requirements can result in civil penalties up to $10,000 per violation and potential bars from operating as a student loan servicer for up to ten years.

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https://www.nysenate.gov/legislation/bills/2025/A431