Shown verbatim: the complete text as captured from the official source posted by the New York State Senate, fetched 2026-08-11. Nothing is edited or removed. Where this bill amends existing law, language marked for deletion in the official source appears here in brackets. The official bill page.
S T A T E O F N E W Y O R K
________________________________________________________________________
8067--A
Cal. No. 118
2025-2026 Regular Sessions
I N A S S E M B L Y
April 23, 2025
___________
Introduced by M. of A. EPSTEIN, DE LOS SANTOS -- read once and referred
to the Committee on Banks -- reported from committee, advanced to a
third reading, amended and ordered reprinted, retaining its place on
the order of third reading
AN ACT to amend the banking law, in relation to an exemption from the
licensing requirements for servicers of student loans
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 2 of section 711 of the banking law, as
amended by section 1 of part L of chapter 58 of the laws of 2019, is
amended to read as follows:
2. The licensing provisions of this article shall not apply to any
exempt organization that is a student loan servicer; provided that,
unless preempted by federal law, such exempt organization [notifies]
SHALL NOTIFY the superintendent that it is servicing student loans in
this state and complies with sections seven hundred seventeen, seven
hundred nineteen, seven hundred twenty-one, seven hundred twenty-three
and seven hundred twenty-five of this article AND ARTICLE NINE OF THE
FINANCIAL SERVICES LAW and any regulation applicable to student loan
servicers promulgated by the superintendent.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11792-02-5Every fact on this page links to its source, starting with the official bill record.