New York Education Law Article 13-B - STUDENT LENDING ACCOUNTABILITY, TRANSPARENCY AND ENFORCEMENT ACT

• 620 - Definitions.
  As used in this article, the following terms shall have the following meanings unless otherwise specified: 1. "Borrower" shall mean a student attending a covered...
• 621 - Prohibition of Gifts Made by Lending Institutions to Covered Institutions and Their Employees.
  1. A lending institution may not, directly or indirectly, offer or provide any gift to a covered institution or a covered institution employee, in exchange...
• 622 - Prohibition of Receipt of Gifts by Covered Institutions.
  1. A covered institution may not, directly or indirectly, solicit, accept or receive any gift from or on behalf of a lending institution, in exchange...
• 623 - Prohibition of Receipt of Gifts by Covered Institution Employees.
  1. A covered institution shall require that no covered institution employee on his or her own behalf or on behalf of another, directly or indirectly,...
• 624 - Covered Institution Employee Prohibitions and Reporting Requirements.
  1. A lending institution shall require that no covered institution employee receives any remuneration for serving as a member or participant of an advisory board...
• 625 - Misleading Identification of Lending Institutions' Employees.
  1. A lending institution shall require that no employee or agent of such lending institution is identified to borrowers or potential borrowers of a covered...
• 626 - Loan Disclosure and Prohibition of Quid Pro Quo High Risk Loans.
  1. Should a borrower or potential borrower consult a covered institution's financial aid office in connection with obtaining an educational loan to pay for or...
• 627 - Standards for Preferred Lender Lists.
  A covered institution that provides or makes available a preferred lender list must comply with the following standards: 1. A preferred lender list must disclose...
• 628 - Proper Execution of Master Promissory Notes.
  A covered institution shall not direct in any manner whatsoever potential borrowers to any electronic master promissory notes or other loan agreements that do not...
• 629 - Disclosures At Request of Covered Institutions.
  Except for educational loans made, insured, or guaranteed by the federal government, upon the request of any covered institution, a lending institution shall disclose to...
• 630 - Penalties.
  1. If after providing notice and an opportunity for a hearing the department determines that a covered institution or lending institution has violated any terms...
• 631 - Rules and Regulations.
  The commissioner and the department shall promulgate rules and regulations necessary for the implementation of this article.
• 632 - Non-Exclusivity of Rights or Remedies.
  Nothing in this article shall be construed to limit, in any manner, any rights or remedies otherwise available under law to any person or entity,...

Last modified: February 3, 2019