NY Banking L § 722 (2021)
2021 New York Laws BNK - Banking Article 14-A - Student Loan Servicers 722 - Examinations.

§  722.  Examinations.  1.  The superintendent may at any time, and as   often as he or she may determine, either personally or by a person  duly   designated  by  the superintendent, investigate the business and examine   the books, accounts, records, and files used therein  of  every  student   loan  servicer.  For that purpose the superintendent and his or her duly   designated representative shall have free  access  to  the  offices  and   places  of  business, books, accounts, papers, records, files, safes and   vaults of all such servicers. The superintendent  and  any  person  duly   designated  by him or her shall have authority to require the attendance   of and to examine under oath all persons whose testimony he or  she  may   require relative to such business.2.  No  person  subject  to  investigation  or  examination under this   section may knowingly withhold, abstract, remove, mutilate,  destroy  or   secrete any books, records, computer records or other information.3.  The  expenses  incurred in making any examination pursuant to this   section shall be assessed against and paid by the student loan  servicer   so examined, except that travelling and subsistence expenses so incurred   shall  be  charged  against and paid by servicers in such proportions as   the  superintendent  shall  deem   just   and   reasonable,   and   such   proportionate  charges  shall  be  added  to the assessment of the other   expenses incurred upon each examination.  Upon  written  notice  by  the   superintendent  of  the  total  amount  of such assessment, the servicer   shall  become  liable  for  and  shall  pay  such  assessment   to   the   superintendent.4.  In  any  hearing  in  which  a  department  employee  acting under   authority of  this  chapter  is  available  for  cross-examination,  any   official  written  report,  worksheet,  other  related  papers,  or duly   certified copy thereof, compiled, prepared, drafted, or  otherwise  made   by  said  department  employee,  after  being duly authenticated by said   employee, may be admitted as competent evidence upon the  oath  of  said   employee  that  said  worksheet,  investigative report, or other related   documents were prepared as a result of an examination of the  books  and   records  of  a  servicer  or  other  person,  conducted  pursuant to the   authority of this chapter.5. Unless it is an exempt organization, affiliates of a  student  loan   servicer  are  subject  to examination by the superintendent on the same   terms as the servicer, but only when reports from, or examination of,  a   servicer  provides  evidence of unlawful activity between a servicer and   affiliate  benefitting,  affecting,  or  arising  from  the   activities   regulated by this article.6. This section shall not apply to exempt organizations. To the extent   the superintendent is authorized by any other law to make an examination   into  the affairs of any exempt organization, this subdivision shall not   be construed  to  limit  in  any  way  the  superintendent's  authority,   regarding the subjects of such an examination, or otherwise.