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MEMO OF SUPPORT: Enacts into Law Major Components of Legislation Relations to Student Loan Servicers and Student Debt Relief Consultants

Empire Justice March 21, 2018

Empire Justice Center strongly supports Article VI Budget Legislation, Part W, Subpart A, which provides basic protections regarding the servicing of student loans in New York State. This bill creates a framework for the Department of Financial Services (DFS) to license, supervise and examine student loan servicers and prescribes basic rules of conduct. Student loan servicing has generally gone unregulated in New York State, and confusion about student loans is common among borrowers, in part because there are no common rules. This bill would set a baseline level of procedures and protections to provide common sense notice and protections for borrowers.

Read the memorandum here.