|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 28, 2019||referred to higher education|
assembly Bill A3011
Current Bill Status - In Assembly Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Walter T. Mosley
A3011 (ACTIVE) - Details
A3011 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3011 2019-2020 Regular Sessions I N A S S E M B L Y January 28, 2019 ___________ Introduced by M. of A. SIMON, MOSLEY, D'URSO, GLICK, ORTIZ, GOTTFRIED, GALEF, JAFFEE, COLTON, FAHY, PICHARDO, McDONOUGH, CAHILL, DE LA ROSA, DAVILA, CRESPO, WRIGHT, RICHARDSON, BLAKE, COOK, BICHOTTE, TAYLOR, NIOU, CARROLL -- Multi-Sponsored by -- M. of A. M. L. MILLER, NOLAN, THIELE -- read once and referred to the Committee on Higher Education AN ACT to amend the education law, in relation to 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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