§ 902. Private education debt reporting. 1. Each student loan servicer\nshall, by the first of April of each year, submit an annual report which\ncomplies with any instructions published by the superintendent, in the\nmanner set forth in such instructions, certifying as accurate the\nfollowing information for the private education debt such student loan\nservicer serviced during the prior calendar year:\n (a) a list of all private education creditors associated with the\nprivate education debts serviced by the student loan servicer that are\nowed by persons who resided in New York during the prior calendar year;\nand\n (b) for each private education creditor reported pursuant to paragraph\n(a) of this subdivision, the following information:\n (i) a list of the providers of higher education associated with the\nprivate education debts serviced by the student loan servicer;\n (ii) the total outstanding dollar amount and number of private\neducation debts and the number of consumers who owe such private\neducation debts;\n (iii) the total dollar amount and number of private education debts\ncreated in the prior calendar year;\n (iv) the number of private education debts that experienced a default\nand the percentage of such private education debts associated with each\nprivate education creditor;\n (v) the total dollar amount and number of private education debts that\ndefaulted for reasons other than non-payment in the prior calendar year;\n (vi) the total dollar amount and number of private education debts\nwith a cosigner or guarantor;\n (vii) the total dollar amount and number of private education debts\nwith a cosigner or guarantor created in the prior calendar year;\n (viii) the total dollar amount and number of private education debts\ncreated to refinance other private education debts or federal student\nloans, respectively;\n (ix) the total dollar amount and number of private education debts\ncreated to refinance other private education debts or federal student\nloans, respectively, in the prior calendar year;\n (x) the total dollar amount and number of defaulted private education\ndebts for which the student loan servicer commenced, maintained, or\nsettled a lawsuit for collection in the prior calendar year; and\n (xi) information as may in the judgment of the superintendent be\nnecessary and appropriate in order to assess the total size and status\nof the private education debt market and to assess borrower well-being\n 4. Not later than two years following the effective date of this\nsection, the superintendent shall create a publicly accessible website\nthat includes at least the following information:\n (a) The name, address, telephone number and website for all student\nloan servicers; and\n (b) A summary of the information required by subdivision one of this\nsection.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.