N.Y. BNK Law § 711

§ 711. Licensing. 1. Except as provided in subdivisions two, three,\nand four of this section, no person shall engage in the business of\nservicing student loans owed by one or more borrowers residing in this\nstate without first being licensed by the superintendent as a student\nloan servicer in accordance with this article and such regulations as\nmay be prescribed by the superintendent.\n 2. The licensing provisions of this article shall not apply to any\nexempt organization that is a student loan servicer; provided that,\nunless preempted by federal law, such exempt organization shall notify\nthe superintendent that it is servicing student loans in this state and\ncomplies with sections seven hundred seventeen, seven hundred nineteen,\nseven hundred twenty-one, seven hundred twenty-three and seven hundred\ntwenty-five of this article and article nine of the financial services\nlaw and any regulation applicable to student loan servicers promulgated\nby the superintendent.\n 3. Any person that services federal student loans owed by one or more\nborrowers residing in this state shall be automatically deemed by\noperation of law to have been issued a license to service federal\nstudent loans by the superintendent as of April first, two thousand\nnineteen. Such person shall notify the superintendent that it is\nservicing federal student loans in this state and comply with sections\nseven hundred seventeen, seven hundred nineteen, seven hundred\ntwenty-one, seven hundred twenty-two, seven hundred twenty-three and\nseven hundred twenty-five of this article and any regulation applicable\nto student loan servicers promulgated by the superintendent. The\nprovisions of sections thirty-three, thirty-nine, and forty-four of this\nchapter shall also apply to such person. The license automatically\nissued pursuant to this section shall only authorize the servicing of\nfederal student loans. A person that services both federal student loans\nand non-federal student loans shall be required to be licensed pursuant\nto subdivision one of this section and sections seven hundred twelve and\nseven hundred thirteen of this article in order to be authorized to\nservice non-federal student loans unless such person is also an exempt\norganization.\n 4. A person, other than an exempt organization, that services federal\nstudent loans owed by one or more borrowers residing in this state and\nthat is not otherwise required to be licensed under this section shall\nnotify the superintendent that it is servicing federal student loans in\nthis state and shall comply with sections seven hundred seventeen, seven\nhundred nineteen, seven hundred twenty-one, seven hundred twenty-two,\nseven hundred twenty-three, and seven hundred twenty-five of this\narticle and any regulations applicable to student loan servicers\npromulgated by the superintendent.\n