Bill > S02680

This bill modifies New York's financial services law to require student loan servicers to submit an annual report by April 1st detailing private education debt information for borrowers who resided in New York during the previous calendar year. The report must include a list of private education creditors associated with the serviced debts and provide specific details for each creditor, such as the providers of higher education, total outstanding debt amounts, number of consumers, default rates, number of debts with cosigners, and refinancing information. The bill changes the focus from a "private education debt registry" to "private education debt reporting" and expands the definition of terms like "higher education" and "private education debt". The superintendent of financial services is required to create a publicly accessible website within two years that will display summary information about student loan servicers. Violations of the reporting requirements could result in civil penalties up to $10,000 and potential restrictions on future business activities. The goal appears to be increasing transparency and oversight of private student loan debt in New York State.

https://www.nysenate.gov/legislation/bills/2025/S2680