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New York DFS proposes regulation for protection of student loan borrowers

The New York State Department of Financial Services proposed a regulation related to protection of student loan borrowers in New York.

According to the regulation, companies that service student loans held by New Yorkers will need to meet new standards, which will address the problems of the student loan servicing industry.

Student loan servicers will be required to provide clear and complete information regarding fees, payments due, and terms and conditions of the student loans; provide information to borrowers about income-based repayment and loan forgiveness options; respond to consumer complaints in a timely and meaningful manner; and provide accurate information to credit reporting agencies, among other things.

The proposed regulation is subject to a 60-day comment period following publication in the state register on July 31, after which the DFS will review the comments received and issue a final regulation.