N.Y. Financial Services Law § 904: Violations

§ 904. Violations. 1. If the superintendent finds, after notice and

hearing, that a student loan servicer has knowingly violated this

article by failing to comply with any reporting requirement or by

knowingly furnishing materially inaccurate information to the

superintendent, the superintendent may impose a civil penalty of not

more than ten thousand dollars for each violation.

2. The superintendent may order that any person who has been found to

have knowingly violated any provision of this article, or of the rules

and regulations issued pursuant thereto, and has thereby caused

financial harm to consumers, be barred for a term not exceeding ten

years from acting as a student loan servicer, or a stockholder, or an

officer, director, partner or other owner, or an employee of a student

loan servicer.