Relates to private education debt reporting

More transparency for private student loan borrowers

Servicers must file certified reports by April 1 about private education debt serviced for New York residents during the prior year. Reports identify lenders and schools, including schools outside New York. They track balances, loan and borrower counts, interest-rate ranges, defaults, cosigners, refinancing, and collection lawsuits. Refinancing data includes federal loans turned into private loans; school-lender reports also include race, gender, and student account holds. New York must create a public website within two years after the section takes effect, showing servicer contacts and report summaries. After notice and a hearing, knowing reporting violations or knowingly providing materially inaccurate information can bring fines up to $10,000 per violation. Knowing violations that financially harm consumers can also bring bans of up to 10 years from servicing or specified servicer roles. These rules do not change borrowers’ repayment obligations or eligibility for help.