Linda Lacewell, superintendent, New York Department of Financial Services. (Courtesy photo)
The settlement is a precursor to the effective date of a new law in New York, which will require certain student loan servicers to be licensed with the state and regulated by DFS.
August 15, 2019 at 11:05 AM
1 minute read
A national student loan servicer will pay a $236,309 settlement to New York state for operating as a sales finance company without a license, under an agreement announced by the state’s top financial regulator.
Tuition Options LLC, whose chairman, Tim Fitzpatrick, formerly led Sallie Mae as CEO, will pay a $203,000 civil penalty and an additional $33,309 in disgorgement under the agreement with the New York Department of Financial Services.
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