§ 904 — Violations

New York § 904

• Jurisdiction: New York
• Law FIS: Financial Services Law
• Art. 9: Private Education Debt Reporting

Text

§ 904. Violations. 1. If the superintendent finds, after notice and\nhearing, that a student loan servicer has knowingly violated this\narticle by failing to comply with any reporting requirement or by\nknowingly furnishing materially inaccurate information to the\nsuperintendent, the superintendent may impose a civil penalty of not\nmore than ten thousand dollars for each violation.\n 2. The superintendent may order that any person who has been found to\nhave knowingly violated any provision of this article, or of the rules\nand regulations issued pursuant thereto, and has thereby caused\nfinancial harm to consumers, be barred for a term not exceeding ten\nyears from acting as a student loan servicer, or a stockholder, or an\nofficer, director, partner or other owner, or an employee of a student\nloan servicer.\n