A bill before the New York State Assembly would, if passed, have major implications for a variety of financing transactions in the Empire State. Titled the End Loan Sharking Act, Assembly Bill 9585 would subject a variety of...more
4/3/2024
/ Commercial Loans ,
Consumer Financial Products ,
Consumer Lenders ,
Corporate Financing ,
Financial Institutions ,
Financial Services Industry ,
Financing ,
Interest Rates ,
Licensing Rules ,
Pending Legislation ,
Usury
In last month's issue of Insights we discussed a new licensing regime in the Commonwealth of Massachusetts specific to student loan servicers. As of the publication date of that article the rules such servicers must follow...more
The Commonwealth of Massachusetts is aiding student loan consumer protection efforts, and is ramping up the level of scrutiny applied to student loan servicers. Effective July 1st, it will join a growing list of states that...more
New York has been the American epicenter for the exploding coronavirus pandemic. Informed by recent systemic challenges to the financial services sector, New York's regulators have responded.
Among the responses is an...more
4/24/2020
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Credit Reporting Agencies ,
Default ,
Department of Education ,
Forbearance Agreements ,
Late Fees ,
Late Payments ,
Lenders ,
Licensing Rules ,
Loan Servicing ,
NYDFS ,
Private Student Loans ,
Relief Measures ,
Student Loans
The May 2019 issue of Insights provided high-level background information about the recent trend of state legislation targeting student loan servicers. In the June 2019 issue of Insights, we took a deeper dive into New York's...more
9/3/2019
/ Borrowers ,
Duties & Responsibilities ,
Licensing Rules ,
Loan Servicer ,
New Legislation ,
Ombudsman ,
Payment Bonds ,
Payment Terms ,
Pending Legislation ,
Policies and Procedures ,
Registration Requirement ,
State Legislatures ,
Student Loans ,
Students
The May 2019 issue of Insights included discussion of a growing trend to regulate student loan servicers. Currently, there are a handful of states that impose requirements specifically on such parties. However, the ranks of...more
States around the country continue to consider and enact laws and regulations to regulate student loan servicers and provide protections to student loan borrowers. Several states and the District of Columbia currently have...more