New York Consolidated Laws, Financial Services Law - FIS § 904. Violations

1. If the superintendent finds, after notice and hearing, that a student loan servicer has knowingly violated this article by failing to comply with any reporting requirement or by knowingly furnishing materially 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 student loan servicer, or a stockholder, or an officer, director, partner or other owner, or an employee of a student loan servicer.