Bill > S07752

This bill modifies an existing provision in New York's banking law regarding licensing requirements for student loan servicers. Specifically, the bill maintains an exemption for certain "exempt organizations" that serve as student loan servicers, but adds a new requirement that such organizations must notify the superintendent (a financial regulatory official) that they are servicing student loans in the state. The bill also clarifies that these exempt organizations must comply with specific sections of banking law and article nine of the financial services law, as well as any regulations related to student loan servicers, unless such requirements are preempted by federal law. The notification requirement changes from a passive verb ("notifies") to an active one ("shall notify"), which may signal a more proactive approach to regulatory compliance. The bill takes effect immediately upon enactment, suggesting an urgent or time-sensitive update to the existing regulatory framework for student loan servicing in New York.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S7752