New YorkA 80672025-2026 Regular SessionHouseWALLET

Relates to an exemption from the licensing requirements for servicers of student loans

Sponsored By: Harvey Epstein (Democratic)

Became Law

BANKSRULES

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

License exemption for some student loan servicers

In New York, certain “exempt organizations” that service student loans do not need a state servicer license. To qualify, the organization must tell the Superintendent that it services student loans in New York. It must follow Banking Law sections 717, 719, 721, 723, and 725; Article 9 of the Financial Services Law; and any student loan servicer rules the Superintendent issues. This applies unless federal law overrides it. The law takes effect right away.

Sponsors & Cosponsors

Sponsor

Harvey Epstein
Democratic • House

Cosponsors

Chris Burdick
Democratic • House
Manny De Los Santos
Democratic • House

Roll Call Votes

All Roll Calls

Yes: 59 • No: 0

House vote • 6/12/2025

FLOOR Vote