assembly Bill A10629

2017-2018 Legislative Session

Relates to student debt consultants

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Assembly


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (9)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 13, 2018 referred to rules
delivered to senate
passed assembly
Jun 12, 2018 ordered to third reading rules cal.124
rules report cal.124
Jun 11, 2018 reported
Jun 05, 2018 reported referred to rules
May 30, 2018 reported referred to codes
May 09, 2018 referred to banks

Co-Sponsors

A10629 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Financial Services Law
Laws Affected:
Add Art 7 §§701 - 706, Fin Serv L
Versions Introduced in 2019-2020 Legislative Session:
A3408

A10629 (ACTIVE) - Summary

Regulates the practice of student debt consultants by establishing prohibitions and requiring certain disclosures.

A10629 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  10629

                          I N  A S S E M B L Y

                               May 9, 2018
                               ___________

Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
  Committee on Banks

AN ACT to amend the financial services law, in relation to student  debt
  consultants

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The financial services law is amended by adding a new arti-
cle 7 to read as follows:

                                ARTICLE 7
                        STUDENT DEBT CONSULTANTS
SECTION 701. DEFINITIONS.
        702. PROHIBITIONS.
        703. DISCLOSURE REQUIREMENTS.
        704. STUDENT DEBT CONSULTING CONTRACTS.
        705. PENALTIES AND OTHER PROVISIONS.
        706. RULES AND REGULATIONS.
  § 701. DEFINITIONS.  (A) THE TERM "ADVERTISEMENT" SHALL  INCLUDE,  BUT
IS  NOT  LIMITED  TO,  ALL  FORMS OF MARKETING, SOLICITATION, OR DISSEM-
INATION OF INFORMATION RELATED, DIRECTLY OR INDIRECTLY, TO  SECURING  OR
OBTAINING  A  STUDENT  DEBT CONSULTING CONTRACT OR SERVICES. FURTHER, IT
SHALL INCLUDE ALL COMMONLY RECOGNIZED FORMS OF MEDIA MARKETING VIA TELE-
VISION, RADIO, PRINT MEDIA, ALL FORMS OF  ELECTRONIC  COMMUNICATION  VIA
THE  INTERNET,  AND  ALL PREPARED SALES PRESENTATIONS GIVEN IN PERSON OR
OVER THE INTERNET TO THE GENERAL PUBLIC.
  (B) "BORROWER" MEANS ANY RESIDENT OF THIS STATE  WHO  HAS  RECEIVED  A
STUDENT  LOAN  OR  AGREED IN WRITING TO PAY A STUDENT LOAN OR ANY PERSON
WHO SHARES A LEGAL OBLIGATION WITH SUCH RESIDENT FOR REPAYING A  STUDENT
LOAN.
  (C)  "FSA ID" MEANS A USERNAME AND PASSWORD ALLOCATED TO AN INDIVIDUAL
BY THE FEDERAL GOVERNMENT TO ENABLE THE INDIVIDUAL TO LOG IN TO  CERTAIN
UNITED  STATES DEPARTMENT OF EDUCATION WEBSITES, AND MAY BE USED TO SIGN
CERTAIN DOCUMENTS ELECTRONICALLY.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.