A national student loan servicer headquartered in New Jersey 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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