NY Educ L § 683-A (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 14 - New York State Higher Education Services Corporation Part 3 - Student Loans 683-A - Sale of Student Loan; Notification to Borrower.

§ 683-a. Sale  of  student loan; notification to borrower. 1. "Banking institution" as used in this section shall mean and include  all  banks, trust  companies,  savings  banks, savings and loan associations, credit unions and foreign banking corporations whether incorporated, chartered, organized or licensed under the laws of this state or any other state or the United States.   2. "Lender" as used in this section shall mean and include:  (a) a national or state chartered bank, mutual savings  bank,  savings and loan association, or credit union that:  (1)  is  subject  to  examination and supervision in its capacity as a lender by an agency of the United States or of the state  in  which  its principal place of operation is established; and  (2)  does  not  make  or  hold  loans  to  students  under the federal guaranteed student loan program that total more  than  one-half  of  its consumer  credit loan dollar volume, including home mortgages, unless it is a bank that is wholly owned by a state; or  (b) a pension fund as defined  in  the  federal  employees  retirement income security act; or  (c)   an   insurance  company  that  is  subject  to  examination  and supervision by an agency of the United States or a state; or  (d) in any state, a single agency of the state  or  a  single  private nonprofit agency designated by the state; or  (e)  for  purposes  only of purchasing and holding loans made by other lenders under the federal guaranteed student loan program,  the  student loan  marketing  association  or an agency of any state functioning as a secondary market.   3. "Guaranteed education loan" as used in this section shall mean  and include  any  loan  made  for  the purpose of financing higher education which is made under the authority of Part B of Title IV  of  the  Higher Education  Act  of  1965  or  under the authority of section six hundred eighty of this chapter.   4. Any banking institution or other eligible lender as such terms  are defined  in  this  section  which sells a student loan held by it to the federal student loan marketing association in the manner  authorized  by the federal guaranteed student loan program and applicable provisions of federal  law  shall  be required to provide written notification of such sale to the student borrower by mail not later than  the  fifteenth  day next succeeding the date of such sale.   5.  Whenever  a  banking  institution or other eligible lender as such terms are defined in this section sells a guaranteed education  loan  to another banking institution or eligible lender, such selling institution shall  notify  the borrower in writing within fifteen days of such sale. Such notice shall include the name and address of the institution  which has  purchased  such loan. The selling institution shall also notify the New York state higher education services corporation or other  guarantor of such sale. Notice shall include:  (a)  the  name  and address of the institution which has purchased the loan; and  (b) the name, address and social security number of the  borrower  and the borrower's account number.