N.Y. Banking Law § 712: Application for a student loan servicer license; fees

§ 712. Application for a student loan servicer license; fees. 1. The

application for a license to engage in the business of servicing student

loans shall be in writing, under oath, and in the form prescribed by the

superintendent. Notwithstanding article three of the state technology

law or any other law to the contrary, the superintendent may require

that an application for a license or any other submission or application

for approval as may be required by this article be made or executed by

electronic means if he or she deems it necessary to ensure the efficient

and effective administration of this article. The application shall

include a description of the activities of the applicant, in such detail

and for such periods as the superintendent may require; including:

(a) an affirmation of financial solvency noting such capitalization

requirements as may be required by the superintendent, and access to

such credit as may be required by the superintendent;

(b) a financial statement prepared by a certified public accountant,

the accuracy of which is sworn to under oath before a notary public by

an officer or other representative of the applicant who is authorized to

execute such documents;

(c) an affirmation that the applicant, or its members, officers,

partners, directors and principals as may be appropriate, are at least

twenty-one years of age;

(d) information as to the character, fitness, financial and business

responsibility, background and experiences of the applicant, or its

members, officers, partners, directors and principals as may be

appropriate;

(e) any additional detail or information required by the

superintendent.

2. An application to become a licensed student loan servicer or any

application with respect to a student loan servicer shall be

accomplished by a fee as prescribed pursuant to section eighteen-a of

this chapter.