N.Y. Comp. Codes R. & Regs. tit. 3 § 409.11

Current through Register Vol. 46, No. 25, June 18, 2024

Section 409.11 - Reporting requirements

(a) Annual Reporting.

(1) Each year by the first of February the superintendent shall publish instructions for the submission of an annual report by each student loan servicer on the website of the department, which instructions shall set forth the content of such report for the previous calendar year.

(2) Each student loan servicer shall, by the first of April of each year, submit an annual report, which complies with the instructions published pursuant to paragraph (1) of this subdivision, in the manner set forth in those instructions.

(3) Extensions.

(i) In an exercise of discretion, the superintendent may extend the dates established by this subdivision for such period as she determines is necessary.

(ii) A student loan servicer may request an extension to its time to file an annual report by making such request in writing at least fifteen days prior to the date on which the annual report is due. Such request shall set forth the reasons such an extension is necessary and provide all information relevant to the request. Making such a request shall not stay the date on which the report is due. The superintendent may grant such a request in her discretion, but failure to respond to such a request within five days shall be deemed a denial.

(b) Special Reports. In addition to the regular reporting required by this section, the superintendent may address to any student loan servicer, or to any officer, director, member, or partner thereof, any inquiry necessary to the proper supervision of the student loan servicer or the servicing industry. Such inquiry shall be answered in writing within fifteen days, unless the superintendent in her discretion provides for different period to answer, and such answer shall be affirmed as true under penalty of perjury by the person to whom the inquiry is addressed.

(c) Without limiting any other power or responsibility of the superintendent, this section shall not apply to an exempt organization.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 409.11

Adopted New York State Register October 16, 2019/Volume XLI, Issue 42, eff. 10/16/2019