1. If the superintendent finds, after notice and hearing, that a private education creditor has knowingly violated this article by failing to comply with any registration or reporting requirement or by furnishing inaccurate information to the superintendent, the superintendent may impose a civil penalty of not more than ten thousand dollars for each violation. 2. The superintendent may order that any person who has been found to have knowingly violated any provision of this article, or of the rules and regulations issued pursuant thereto, and has thereby caused financial harm to consumers, be barred for a term not exceeding ten years from acting as a private education creditor, or a stockholder, or an officer, director, partner or other owner, or an employee of a private education creditor.N.Y. Financial Services Law § 904
Added by New York Laws 2024, ch. 627,Sec. 1, eff. 12/21/2024.