N.Y. Banking Law Section 9-K
Sale of education loans


1.

“Banking institution” as used in this section shall mean and include all banks, trust companies, savings banks, savings and loan associations, credit unions and foreign banking corporations whether incorporated, chartered, organized or licensed under the laws of this state or any other state or the United States.

2.

“Lender” as used in this section shall mean and include:

(a)

a national or state chartered bank, mutual savings bank, savings and loan association, or credit union that:

(1)

is subject to examination and supervision in its capacity as a lender by an agency of the United States or of the state in which its principal place of operation is established; and

(2)

does not make or hold loans to students under the federal guaranteed student loan program that total more than one-half of its consumer credit loan dollar volume, including home mortgages, unless it is a bank that is wholly owned by a state; or

(b)

a pension fund as defined in the federal employees retirement income security act; or

(c)

an insurance company that is subject to examination and supervision by an agency of the United States or a state; or

(d)

in any state, a single agency of the state or a single private nonprofit agency designated by the state; or

(e)

for purposes only of purchasing and holding loans made by other lenders under the federal guaranteed student loan program, the student loan marketing association or an agency of any state functioning as a secondary market.

3.

“Guaranteed education loan” as used in this section shall mean and include any loan made for the purpose of financing higher education which is made under the authority of Part B of Title IV of the Higher Education Act of 1965 as amended or under the authority of section six hundred eighty of the education law.

4.

Whenever a banking institution or other eligible lender as such terms are defined in this section sells a guaranteed education loan to another banking institution or eligible lender, such selling institution shall notify the borrower in writing within fifteen days of such sale. Such notice shall include the name and address of the institution which has purchased such loan. The selling institution shall also notify the New York state higher education services corporation or other guarantor of such sale. Notice shall include:

(a)

the name and address of the institution which has purchased the loan; and

(b)

the name, address and social security number of the borrower and the borrower’s account number.

Source: Section 9-K — Sale of education loans, https://www.­nysenate.­gov/legislation/laws/BNK/9-K (updated Sep. 22, 2014; accessed Jun. 15, 2024).

1
Short title
2
Definitions
2‑A
Limited liability investment company
2‑B
Limited liability trust companies
4
Information to be given to social services officials, state department of social services, state department of mental hygiene, the mental...
4‑A
Banks to display signs
4‑B
Advertising
4‑C
Exemptions from certain provisions of chapter
5
Loans pursuant to the "Servicemen’s Readjustment Act of 1944
6
Investment in obligations of housing corporations indirectly guaranteed pursuant to the “Servicemen’s Readjustment Act of 1944”
6‑A
Investment in obligations of certain persons sixty-five years of age or over incurred to satisfy real property tax indebtedness
6‑C
Application forms to be made available
6‑D
Requirement to state in writing reason for denial of mortgage loan
6‑E
Graduated payment mortgages authorized
6‑F
Alternative mortgage instruments made by banks, trust companies, savings banks, savings and loan associations and credit unions
6‑G
Override of certain provisions of United States Public Law 97-320
6‑H
Reverse mortgage loans authorized
6‑I
Mortgage loans
6‑J
Proof of insurance
6‑K
Real property insurance escrow accounts
6‑L
High-cost home loans
6‑M
Subprime home loans
6‑N
Responsibility of banks for mortgages being processed for modification
6‑O
Single point of contact for modifying delinquent home loans
6‑O*2
Reverse cooperative apartment unit loans for persons sixty-two years of age or older
6‑P
Loan counseling for mortgages guaranteed by the Servicemen’s Readjustment Act of 1944
7
Payment of dividends or interest upon unclaimed deposits or shares
8
Deposits by custodian designated by administrator of veterans’ affairs, or by person certified by social security administration
9
Checks drawn against corporate funds or payable to corporations
9‑A
Defense of ultra vires
9‑B
Actions or special proceedings by superintendent or attorney-general
9‑C
Superintendent’s or attorney-general’s action for judicial dissolution
9‑D
Enforcement of section two hundred ninety-six-a of the executive law
9‑F
Geographic discrimination in making mortgage loans prohibited
9‑G
Right of set off
9‑H
Imposition of service charges prohibited
9‑I
Close-out fees prohibited in certain cases
9‑I*2
Prohibition on depositor of early withdrawal penalty in certain cases
9‑J
Disposal of records
9‑K
Sale of education loans
9‑M
Return of checks
9‑N
Trust accounts
9‑O
Mortgage loans
9‑P
Acceptance of certain checks for deposit
9‑R
Geographic restrictions
9‑S
Preauthorized electronic fund transfers
9‑T
Unsolicited mail-loan checks
9‑U
ATM transactions by persons using foreign bank accounts
9‑V
Savings promotion prize giveaway
9‑W
Standard financial aid award letter
9‑X
Mortgage forbearance
9‑X*2
Fees based on inactivity
9‑Y
Order of payment of checks and other debits, insufficient funds charges and return deposit item charges
9‑Z
Cashing of certain checks

Accessed:
Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 9-K’s source at nysenate​.gov

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