Banking Law § 720 · Article 14-A. Student Loan Servicers
Servicing student loans without a license
Text — Law content up to date as of January 9, 2026, as published by the New York State Senate (Open Legislation)
§ 720. Servicing student loans without a license. 1. Whenever, in the opinion of the superintendent, a person is engaged in the business of servicing student loans, either actually or through subterfuge, without a license from the superintendent, the superintendent may order that person to desist and refrain from engaging in the business of servicing student loans in the state. If, within thirty days after an order is served, a request for a hearing is filed in writing and the hearing is not held within sixty days of the filing, the order shall be rescinded.
2. This section does not apply to exempt organizations.
Source of truth
- Edition
- Law content up to date as of January 9, 2026, as published by the New York State Senate (Open Legislation)
- Official file
- https://legislation.nysenate.gov/pdf/laws/BNK720
- Text hash
- sha256 b13b32e81b30b38d0603606f0c02638a50b14d0c6f6ce7a06d70d442d8231658
- Composed by
- gen_ny_statutes.py 2026-11-10: the Senate's Open Legislation law tree (GET /api/3/laws/<ID>?full=true) read in document order; the Senate's PDF of the whole law (GET /pdf/laws/<ID>?full=true), read with PDFium, prints the same words in the same order
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.