New YorkA 4312025-2026 Regular SessionHouseWALLET

Relates to private education debt reporting

Sponsored By: Harvey Epstein (Democratic)

Became Law

BANKSRULES

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 3 benefits, 0 costs, 0 mixed.

Fines and bans for bad servicers

After notice and a hearing, the superintendent can fine a servicer up to $10,000 per knowing violation. This includes knowing reporting failures or materially false reports. The superintendent can also bar a person for up to 10 years. The bar applies if the person knowingly violated this law and caused financial harm to consumers. It covers serving as a servicer or as an owner, officer, director, partner, or employee of one.

What counts as private student debt

The law defines which private student debts are covered. "Higher education" includes career programs and classes online, by mail, or in person, even outside New York. "Higher education expense" means any cost from higher education. It sets who counts as a student loan servicer and a private education creditor. "Private education debt" is a nonfederal loan for higher‑education costs that is not secured by a home, including refinances. A provider is anyone who offers higher education.

Yearly reports and public servicer list

Student loan servicers must file a yearly report by April 1. It covers private education debt they serviced last year for New York residents. Reports must follow the superintendent's instructions and include creditors, schools, totals, counts, defaults, cosigners, refinances, lawsuits, and other requested data. Within two years after this section takes effect, the superintendent must create a public website. It lists servicers' contact details and a summary of the reported information.

Sponsors & Cosponsors

Sponsor

Harvey Epstein
Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 45 • No: 14

House vote • 2/12/2025

FLOOR Vote