State Finalizes Student Loan Servicer Requirements

October 17, 2019 at 9:45 am Leave a comment

Greetings from beautiful Verona, NY, where the monsoon season has officially begun.

I just wanted to give my faithful readers a quick heads up this morning that the state has finalized its student loan servicer regulations, which compliment legislation passed last session, making New York the first state in the nation to mandate licensing requirements for entities servicing student loans.

As I previously explained, banks and credit unions are exempt from the licensing requirements, but are required to notify the state that they service student loans. In addition, the regulations impose servicing standards on all servicers. We’ll have to wait and see just how big an impact this new framework has. I will be reading the regulations in the next couple of days, and I’ll let you know if I find anything interesting.

On that extremely brief note, keep dry and enjoy your day.

Entry filed under: New York State. Tags: .

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Authored By:

Henry Meier, Esq., Senior Vice President, General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association. In addition, although Henry strives to give his readers useful and accurate information on a broad range of subjects, many of which involve legal disputes, his views are not a substitute for legal advise from retained counsel.

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