NY State Senate Bill S5120A

Archive: Last Bill Status - Passed Senate

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

Your Voice

Please enter your contact information

First Name *

Last Name *

Email Address *

A valid email address is required.

Home address search or enter your address manually *

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Leave this field blank

Actions

view actions (17)

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 07, 2018	referred to higher education delivered to assembly passed senate
Jan 29, 2018	advanced to third reading amended 5120a
Jan 23, 2018	2nd report cal.
Jan 22, 2018	1st report cal.241
Jan 03, 2018	referred to higher education returned to senate died in assembly
Jun 13, 2017	referred to higher education delivered to assembly passed senate
Jun 05, 2017	advanced to third reading
May 24, 2017	2nd report cal.
May 23, 2017	1st report cal.1243
Mar 08, 2017	referred to higher education

Votes

Bill Amendments

Original

A (Active)

Original

A (Active)

Co-Sponsors

S5120 - Details

Current Committee:: Assembly Higher Education
Law Section:: Education
Versions Introduced in Other Legislative Sessions:: 2019-2020: S250
2021-2022: S2767

S5120 - Summary

Establishes a private student loan refinance task force to study and report on ways lending institutions offering private student loans to graduates of institutions of higher education can be encouraged to establish student loan refinancing programs.

S5120 - Sponsor Memo

 BILL NUMBER:  S5120

 TITLE OF BILL :  An act to establish a private student loan refinance
task force; and providing for the repeal of such provisions upon
expiration thereof

 PURPOSE OR GENERAL IDEA OF BILL :

Establishes the private student loan refinance task force to recommend
ways lending institutions can offer New York graduates of higher
education the opportunity to refinance their student loans and provide
borrowers with more flexibility with reducing monthly payments

 SUMMARY OF SPECIFIC PROVISIONS :

Section 1. Establishes the private student loan refinance task force
and describes its purpose

Section 2: Describes the members of the private student loan refinance
task force and when such members shall be appointed by

Section 3: Authorizes the president of the higher education services
corporation be designated as the chairperson for the private student
loan refinance task force and provides that the members of the task
force shall serve without compensation

Section 4: Provides that the private student loan refinance task force
shall issue a report of its findings to the governor, the temporary
president of the senate and the speaker of the assembly no later than
December 31, 2017.

Section 5: Provides that the private student loan refinance task force
shall terminate on the date it submits the report required by section
four of the act.

 JUSTIFICATION :

The federal government has responded to the student loan debt crisis
facing our most recent college graduates. Recent college graduates now
have the opportunity to access various programs that make it easier to
repay their federal student loans. For example, borrowers can enroll
in income-based repayment plans, which make loan payments more
reasonable by considering the borrower's current income.  However,
nothing has been done to address the issues associated with private
student loans. Often, borrowers have high monthly payments, but do not
have the means to pay. When borrowers ask for assistance to reduce
their monthly payments, private lenders offer little to no solution.
As a result, borrowers default on their loans, and tarnish their
credit scores. This task force will look at ways to encourage lending
institutions, who provide private loans in New York, to refinance
student loans and provide borrowers with more flexibility with
reducing monthly payments.

 PRIOR LEGISLATIVE HISTORY :

New bill.

 FISCAL IMPLICATIONS :

None.

 EFFECTIVE DATE :
This act shall take effect immediately; and shall expire and be deemed
repealed January 1, 2018.

S5120 - Bill Text download pdf


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

                                  5120

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                              March 8, 2017
                               ___________

Introduced  by Sen. HAMILTON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Higher Education

AN ACT to establish a private student loan  refinance  task  force;  and
  providing for the repeal of such provisions upon expiration thereof

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

  Section 1. There is hereby established the private student loan  refi-
nance task force. The purpose of such task force is to study and analyze
ways  lending  institutions that offer private student loans to New York
graduates of institutions of higher  education  can  be  incentives  and
encouraged to create student loan refinance programs.
  § 2. The private student loan refinance task force shall consist of 11
members and shall include: the state comptroller or his or her designee,
the  superintendent  of  financial  services or his or her designee, the
president of the higher education services corporation  or  his  or  her
designee,  the  chairs  and  ranking  minority members of the senate and
assembly committees on  higher  education  or  their  designees,  and  4
members  appointed by the governor from lending institutions in New York
that offer private student loans. All appointments  of  members  of  the
private  student  loan  refinance task force shall be made no later than
thirty days after the effective date of this act.
  § 3. The president of the higher education services corporation  shall
be  designated  as the chairperson of the private student loan refinance
task force. The members of the private student loan refinance task force
shall serve without compensation, except that members shall  be  allowed
their necessary and actual expenses incurred in the performance of their
duties under this act.
  §  4.  The  private  student  loan  refinance task force shall issue a
report of its findings and recommendations to the governor,  the  tempo-
rary  president  of  the senate and the speaker of the assembly no later
than December 31, 2017.
  § 5. This act shall take effect immediately and shall  expire  and  be
deemed repealed January 1, 2018.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09836-02-7

Co-Sponsors

S5120A (ACTIVE) - Details

Current Committee:: Assembly Higher Education
Law Section:: Education
Versions Introduced in Other Legislative Sessions:: 2019-2020: S250
2021-2022: S2767

S5120A (ACTIVE) - Summary

S5120A (ACTIVE) - Sponsor Memo

 
BILL NUMBER: S5120A

SPONSOR: HAMILTON
 
TITLE OF BILL:  An act to establish a private student loan refinance
task force; and providing for the repeal of such provisions upon expira-
tion thereof

 
PURPOSE OR GENERAL IDEA OF BILL:

Establishes the private student loan refinance task force to recommend
ways lending institutions can offer New York graduates of higher educa-
tion the opportunity to refinance their student loans and provide
borrowers with more flexibility with reducing monthly payments

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1. Establishes the private student loan refinance task force and
describes its purpose

Section 2: Describes the members of the private student loan refinance
task force and when such members shall be appointed by

Section 3: Authorizes the president of the higher education services
corporation be designated as the chairperson for the private student
loan refinance task force and provides that the members of the task
force shall serve without compensation

Section 4: Provides that the private student loan refinance task force
shall issue a report of its findings to the governor, the temporary
president of the senate and the speaker of the assembly no later than
December 31, 2018.

Section 5: Provides that the private student loan refinance task force
shall terminate on the date it submits the report required by section
four of the act.

 
JUSTIFICATION:

The federal government has responded to the student loan debt crisis
facing our most recent college graduates. Recent college graduates now
have the opportunity to access various programs that make it easier to
repay their federal student loans. For example, borrowers can enroll in
income-based repayment plans, which make loan payments more reasonable
by considering the borrowers current income. However, nothing has been
done to address the issues associated with private student loans. Often,
borrowers have high monthly payments, but do not have the means to pay.
When borrowers ask for assistance to reduce their monthly payments,
private lenders offer little to no solution. As a result, borrowers
default on their loans, and tarnish their credit scores. This task force
will look at ways to encourage lending institutions, who provide private
loans in New York, to refinance student loans and provide borrowers with
more flexibility with reducing monthly payments.

 
PRIOR LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect immediately; and shall expire and be deemed
repealed January 1, 2019.

S5120A (ACTIVE) - Bill Text download pdf


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

                                 5120--A
    Cal. No. 241

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                              March 8, 2017
                               ___________

Introduced by Sens. HAMILTON, HELMING -- read twice and ordered printed,
  and  when printed to be committed to the Committee on Higher Education
  -- recommitted to the Committee on Higher Education in accordance with
  Senate Rule 6, sec. 8  --  reported  favorably  from  said  committee,
  ordered  to first and second report, amended on second report, ordered
  to a third reading, and to be  reprinted  as  amended,  retaining  its
  place in the order of third reading

AN  ACT  to  establish  a private student loan refinance task force; and
  providing for the repeal of such provisions upon expiration thereof

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

  Section  1. There is hereby established the private student loan refi-
nance task force. The purpose of such task force is to study and analyze
ways lending institutions that offer private student loans to  New  York
graduates  of  institutions  of  higher  education can be incentives and
encouraged to create student loan refinance programs.
  § 2. The private student loan refinance task force shall consist of 11
members and shall include: the state comptroller or his or her designee,
the superintendent of financial services or his  or  her  designee,  the
president  of  the  higher  education services corporation or his or her
designee, the chairs and ranking minority  members  of  the  senate  and
assembly  committees  on  higher  education  or  their  designees, and 4
members appointed by the governor from lending institutions in New  York
that  offer  private  student  loans. All appointments of members of the
private student loan refinance task force shall be made  no  later  than
thirty days after the effective date of this act.
  §  3. The president of the higher education services corporation shall
be designated as the chairperson of the private student  loan  refinance
task force. The members of the private student loan refinance task force
shall  serve  without compensation, except that members shall be allowed

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

                                                           LBD09836-03-8

S. 5120--A                          2

their necessary and actual expenses incurred in the performance of their
duties under this act.
  §  4.  The  private  student  loan  refinance task force shall issue a
report of its findings and recommendations to the governor,  the  tempo-
rary  president  of  the senate and the speaker of the assembly no later
than December 31, 2018.
  § 5. This act shall take effect immediately and shall  expire  and  be
deemed repealed January 1, 2019.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

The New York State Senate

senate Bill S5120A

Sponsored By

Archive: Last Bill Status - Passed Senate

Your Voice

Actions

Votes

Jun 7, 2018 - floor Vote

Floor Vote: Jun 7, 2018

Jan 22, 2018 - Higher Education committee Vote

Committee Vote: Jan 22, 2018

Jun 13, 2017 - floor Vote

Floor Vote: Jun 13, 2017

May 23, 2017 - Higher Education committee Vote

Committee Vote: May 23, 2017

Bill Amendments

Co-Sponsors

S5120 - Details

S5120 - Summary

S5120 - Sponsor Memo

S5120 - Bill Text download pdf

Co-Sponsors

S5120A (ACTIVE) - Details

S5120A (ACTIVE) - Summary

S5120A (ACTIVE) - Sponsor Memo

S5120A (ACTIVE) - Bill Text download pdf

Comments

senate Bill S5120A

Share this bill

Sponsored By

Jesse Hamilton

Archive: Last Bill Status - Passed Senate

Your Voice

Actions

Votes

Jun 7, 2018 - floor Vote

Floor Vote: Jun 7, 2018

Jan 22, 2018 - Higher Education committee Vote

Committee Vote: Jan 22, 2018

Jun 13, 2017 - floor Vote

Floor Vote: Jun 13, 2017

May 23, 2017 - Higher Education committee Vote

Committee Vote: May 23, 2017

Bill Amendments

Co-Sponsors

Pamela Helming

S5120 - Details

S5120 - Summary

S5120 - Sponsor Memo

S5120 - Bill Text download pdf

Co-Sponsors

Pamela Helming

Luis R. Sepúlveda

S5120A (ACTIVE) - Details

S5120A (ACTIVE) - Summary

S5120A (ACTIVE) - Sponsor Memo

S5120A (ACTIVE) - Bill Text download pdf

Comments