{"data":{"id":"us-ny/n.y.-banking-law-719","jurisdiction":"us-ny","citation":"N.Y. Banking Law § 719","heading":"Prohibited practices","body":"§ 719. Prohibited practices. No student loan servicer shall:\n  1. Employ any scheme, device or artifice to defraud or mislead a\nborrower;\n  2. Engage in any unfair, deceptive or predatory act or practice toward\nany person or misrepresent or omit any material information in\nconnection with the servicing of a student loan, including, but not\nlimited to, misrepresenting the amount, nature or terms of any fee or\npayment due or claimed to be due on a student loan, the terms and\nconditions of the loan agreement or the borrower's obligations under the\nloan;\n  3. Misapply payments to the outstanding balance of any student loan or\nto any related interest or fees;\n  4. Provide inaccurate information to a consumer reporting agency;\n  5. Refuse to communicate with an authorized representative of the\nborrower who provides a written authorization signed by the borrower,\nprovided that the servicer may adopt procedures reasonably related to\nverifying that the representative is in fact authorized to act on behalf\nof the borrower;\n  6. Make any false statement or make any omission of a material fact in\nconnection with any information or reports filed with a governmental\nagency or in connection with any investigation conducted by the\nsuperintendent or another governmental agency;\n  7. Fail to respond within fifteen calendar days to communications from\nthe department, or within such shorter, reasonable time as the\ndepartment may request in his or her communication; or\n  8. Fail to provide a response within fifteen calendar days to a\nconsumer complaint submitted to the servicer by the department. If\nnecessary, a student loan servicer may request additional time up to a\nmaximum of forty-five calendar days, provided that such request is\naccompanied by an explanation why such additional time is reasonable and\nnecessary.","path":["Banking Law","Article 14-A. Student Loan Servicers"],"source_url":"https://legislation.nysenate.gov/api/3/laws/BNK/719","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:44Z","sha256":"203018d44e03f5a020588deec3747e1c8b6a90bcd81aeb0df8e6021289487d1a","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-banking-law-718","next":"us-ny/n.y.-banking-law-720"},"notice":"GroundRules: Original legal text. Not legal advice."}