Assembly Actions -
Senate Actions - UPPERCASE
|May 08, 2018||
referred to higher education
Senate Bill S8463
2017-2018 Legislative Session
Archive: Last Bill Status - In Senate Committee Higher Education Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2017-S8463 (ACTIVE) - Details
2017-S8463 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8463 SPONSOR: COMRIE TITLE OF BILL: An act to amend the education law, in relation to the creating a student loan borrower bill of rights PURPOSE OR GENERAL IDEA OF BILL: An act to amend the education law in relation to the creating of a student loan borrower bill of rights. SUMMARY OF SPECIFIC PROVISIONS: The education law is amended by adding a new section to § 684 Student Loan Borrower Bill of Rights JUSTIFICATION: In the wake of the recently rolled back federal laws regarding student loan protections it is important that the state set clear understandable
2017-S8463 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8463 I N S E N A T E May 8, 2018 ___________ Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Higher Education AN ACT to amend the education law, in relation to the creating a student loan borrower bill of rights THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The education law is amended by adding a new section 684 to read as follows: § 684. STUDENT LOAN BORROWER BILL OF RIGHTS. 1. DEFINITIONS. AS USED IN THIS SECTION: (A) "SERVICING" SHALL MEAN RECEIVING A SCHEDULED PERIODIC PAYMENT FROM A BORROWER PURSUANT TO THE TERMS OF A LOAN, INCLUDING AMOUNTS FOR ESCROW ACCOUNTS, AND MAKING THE PAYMENTS TO THE OWNER OF THE LOAN OR OTHER THIRD PARTY OF PRINCIPAL AND INTEREST AND OTHER PAYMENTS WITH RESPECT TO THE AMOUNTS RECEIVED FROM THE BORROWER AS MAY BE REQUIRED PURSUANT TO THE TERMS OF THE SERVICING LOAN DOCUMENT OR SERVICING CONTRACT. IN THE CASE OF A HOME EQUITY CONVERSION MORTGAGE OR REVERSE MORTGAGE AS REFER- ENCED IN THIS SECTION, SERVICING INCLUDES MAKING PAYMENTS TO THE BORROW- ER. IN THE CASE OF A STUDENT EDUCATION LOAN AS REFERENCED IN THIS SECTION, SERVICING INCLUDES APPLYING THE PAYMENTS OF PRINCIPAL AND INTEREST AND OTHER SUCH PAYMENTS WITH RESPECT TO THE AMOUNTS RECEIVED FROM A STUDENT LOAN BORROWER AS MAY BE REQUIRED PURSUANT TO THE TERMS OF A STUDENT EDUCATION LOAN AND PERFORMING OTHER ADMINISTRATIVE SERVICES WITH RESPECT TO A STUDENT EDUCATION LOAN. (B) "STUDENT EDUCATION LOAN" SHALL MEAN ANY LOAN PRIMARILY USED TO FINANCE EDUCATION OR OTHER SCHOOL-RELATED EXPENSES. (C) "STUDENT LOAN BORROWER" SHALL MEAN ANY RESIDENT OF NEW YORK WHO HAS RECEIVED OR AGREED TO PAY A STUDENT EDUCATION LOAN, OR ANY PERSON WHO SHARES RESPONSIBILITY WITH SUCH NEW YORK RESIDENT FOR REPAYING THE STUDENT EDUCATION LOAN. (D) "STUDENT LOAN SERVICER" SHALL MEAN ANY PERSON RESPONSIBLE FOR THE SERVICING OF A STUDENT EDUCATION LOAN TO A STUDENT LOAN BORROWER. 2. LOAN OMBUDSMAN. (A) THERE IS HEREBY ESTABLISHED THE POSITION OF THE STUDENT LOAN OMBUDSMAN, WITHIN THE DEPARTMENT OF FINANCIAL SERVICES, TO EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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