N.Y. Financial Services Law § 902: Private education debt reporting

§ 902. Private education debt reporting. 1. Each student loan servicer

shall, by the first of April of each year, submit an annual report which

complies with any instructions published by the superintendent, in the

manner set forth in such instructions, certifying as accurate the

following information for the private education debt such student loan

servicer serviced during the prior calendar year:

(a) a list of all private education creditors associated with the

private education debts serviced by the student loan servicer that are

owed by persons who resided in New York during the prior calendar year;

and

(b) for each private education creditor reported pursuant to paragraph

(a) of this subdivision, the following information:

(i) a list of the providers of higher education associated with the

private education debts serviced by the student loan servicer;

(ii) the total outstanding dollar amount and number of private

education debts and the number of consumers who owe such private

education debts;

(iii) the total dollar amount and number of private education debts

created in the prior calendar year;

(iv) the number of private education debts that experienced a default

and the percentage of such private education debts associated with each

private education creditor;

(v) the total dollar amount and number of private education debts that

defaulted for reasons other than non-payment in the prior calendar year;

(vi) the total dollar amount and number of private education debts

with a cosigner or guarantor;

(vii) the total dollar amount and number of private education debts

with a cosigner or guarantor created in the prior calendar year;

(viii) the total dollar amount and number of private education debts

created to refinance other private education debts or federal student

loans, respectively;

(ix) the total dollar amount and number of private education debts

created to refinance other private education debts or federal student

loans, respectively, in the prior calendar year;

(x) the total dollar amount and number of defaulted private education

debts for which the student loan servicer commenced, maintained, or

settled a lawsuit for collection in the prior calendar year; and

(xi) information as may in the judgment of the superintendent be

necessary and appropriate in order to assess the total size and status

of the private education debt market and to assess borrower well-being

4. Not later than two years following the effective date of this

section, the superintendent shall create a publicly accessible website

that includes at least the following information:

(a) The name, address, telephone number and website for all student

loan servicers; and

(b) A summary of the information required by subdivision one of this

section.