New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter III - SUPERINTENDENT'S REGULATIONS
Subchapter B - NON-BANKING ORGANIZATIONS
Part 409 - STUDENT LOAN SERVICERS
Section 409.4 - Temporary license during transition period

Universal Citation: 3 NY Comp Codes Rules and Regs ยง 409.4

Current through Register Vol. 46, No. 12, March 20, 2024

(a) Notwithstanding section 409.3 of this part, any student loan servicer required to obtain a license under that section, that is engaged in the business of servicing student loans prior to October 9, 2019 and that on or before such date submits a complete application pursuant to that section, shall be deemed to possess a temporary license to continue its engagement in the business of student loan services subject to the conditions and limitations set forth in subdivision (b) of this section.

(b) Temporary license.

(1) The temporary license provided for in subdivision (a) of this section, shall be effective from October 9, 2019 and shall expire upon the superintendent's issuance of a license, the superintendent's refusal to issue a license, or the withdrawal of the application, whichever occurs first.

(2) A temporary license provided for in subdivision (a) of this section may be terminated without a hearing if the superintendent, in her sole discretion, finds that there is a risk of public harm or other good cause for such termination.

(3) A temporary license provided for in subdivision (a) of this section shall not be renewable.

(c) Any person that fails to obtain a temporary license under this section shall not commence or continue the business of servicing student loans without first obtaining a license pursuant to section 409.3 of this part.

Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.