N.Y. Banking Law Section 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for a hearing is filed in writing and the hearing is not held within sixty days of the filing, the order shall be rescinded.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: Section 720 — Servicing student loans without a license, https://www.­nysenate.­gov/legislation/laws/BNK/720 (updated Oct. 11, 2019; accessed Oct. 25, 2025).

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Verified:
Oct. 25, 2025

Last modified:
Oct. 11, 2019

§ 720. Servicing student loans without a license's source at nysenate​.gov

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