Student Loan Servicer Licensing Resources

New York’s FY 2020 Enacted Budget included legislation that requires entities servicing student loans held by New York borrowers to obtain a license from the Department of Financial Services. The law, Banking Law Article 14-A, is now in effect.

Student loan servicers must submit their licensing applications through the Nationwide Multistate Licensing System (NMLS), a secure, web-based, nationwide licensing system.   Please find the student loan servicer licensing application link here.

Certain entities may be exempt from the licensing requirement of Banking Law Article 14-A. Entities that believe they are exempt should notify the Department by email at [email protected]. The notification should include a detailed description of why the entity believes it is exempt.

Questions

You may contact the Department with questions about this license by emailing [email protected].