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Assembly Bill A3641B

2019-2020 Legislative Session

Creates the office of financial freedom; permits debt to be purchased and written-down through eminent domain

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

co-Sponsors

2019-A3641 - Details

Current Committee:
Assembly Judiciary
Law Section:
Eminent Domain Procedure Law
Laws Affected:
Add §708-a, EDP L; add Art 23 §450, Ec Dev L
Versions Introduced in 2021-2022 Legislative Session:
A3051

2019-A3641 - Summary

Creates the office of financial freedom to assist in the monetization, purchasing, and cancellation of personal debt, including student loan debt; medical debt, home loan debt, auto loan debt, credit card debt, small business loan debt and other consumer debt; permits debt to be purchased and written-down through eminent domain.

2019-A3641 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3641
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 30, 2019
                                ___________
 
 Introduced  by  M.  of  A.  KIM, HEVESI -- read once and referred to the
   Committee on Judiciary
 
 AN ACT to amend the eminent domain procedure law, in relation to permit-
   ting personal debt to be purchased; and to amend the economic develop-
   ment law, in relation to establishing the office of financial freedom

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The eminent domain procedure law is amended by adding a new
 section 708-a to read as follows:
   §  708-A.  ACQUISITION  OF  DEBT. THE CONDEMNOR SHALL BE AUTHORIZED TO
 ACQUIRE FOR PUBLIC USE, ANY CONDEMNEE'S PERSONAL DEBT  HOLDINGS  INCLUD-
 ING,  BUT  NOT  LIMITED  TO, STUDENT LOAN DEBT AND CONSUMER DEBT, IN THE
 SAME MANNER AND PROCEDURE PRESCRIBED FOR THE ACQUISITION OF REAL PROPER-
 TY UNDER THIS CHAPTER.
   § 2. The economic development law is amended by adding a  new  article
 23 to read as follows:
                                 ARTICLE 23
                        OFFICE OF FINANCIAL FREEDOM
 SECTION 450. OFFICE OF FINANCIAL FREEDOM.
   §  450.  OFFICE  OF  FINANCIAL FREEDOM. 1. THERE IS HEREBY ESTABLISHED
 WITHIN THE DEPARTMENT THE OFFICE OF FINANCIAL FREEDOM.  THE  SUPERINTEN-
 DENT  SHALL APPOINT THE CHIEF FINANCIAL FREEDOM OFFICER AND CHIEF FINAN-
 CIAL FREEDOM ECONOMIST WHO SHALL APPOINT STAFF AND  PERFORM  SUCH  OTHER
 FUNCTIONS  TO  ENSURE  THE  EFFICIENT OPERATION OF THE OFFICE WITHIN THE
 AMOUNTS MADE AVAILABLE THEREFOR BY APPROPRIATION.
   2. THE OFFICE OF FINANCIAL FREEDOM SHALL HAVE THE POWER AND  RESPONSI-
 BILITY TO:
   (A) HANDLE THE MONETIZATION AND CANCELATION OF PERSONAL DEBT;
   (B) CREATE PROGRAMS AND INITIATIVES TO ASSIST LOCAL COMMUNITIES IN:

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04052-01-9

co-Sponsors

2019-A3641A - Details

Current Committee:
Assembly Judiciary
Law Section:
Eminent Domain Procedure Law
Laws Affected:
Add §708-a, EDP L; add Art 23 §450, Ec Dev L
Versions Introduced in 2021-2022 Legislative Session:
A3051

2019-A3641A - Summary

Creates the office of financial freedom to assist in the monetization, purchasing, and cancellation of personal debt, including student loan debt; medical debt, home loan debt, auto loan debt, credit card debt, small business loan debt and other consumer debt; permits debt to be purchased and written-down through eminent domain.

2019-A3641A - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3641--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 30, 2019
                                ___________
 
 Introduced  by  M.  of A. KIM, HEVESI, NIOU -- read once and referred to
   the Committee on Judiciary  --  committee  discharged,  bill  amended,
   ordered reprinted as amended and recommitted to said committee
 
 AN ACT to amend the eminent domain procedure law, in relation to permit-
   ting personal debt to be purchased; and to amend the economic develop-
   ment law, in relation to establishing the office of financial freedom
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The eminent domain procedure law is amended by adding a new
 section 708-a to read as follows:
   § 708-A. ACQUISITION OF DEBT. THE CONDEMNOR  SHALL  BE  AUTHORIZED  TO
 ACQUIRE  FOR  PUBLIC USE, ANY CONDEMNEE'S PERSONAL DEBT HOLDINGS INCLUD-
 ING, BUT NOT LIMITED TO, STUDENT LOAN DEBT AND  CONSUMER  DEBT,  IN  THE
 SAME MANNER AND PROCEDURE PRESCRIBED FOR THE ACQUISITION OF REAL PROPER-
 TY UNDER THIS CHAPTER.
   §  2.  The economic development law is amended by adding a new article
 23 to read as follows:
                                 ARTICLE 23
                        OFFICE OF FINANCIAL FREEDOM
 SECTION 450. OFFICE OF FINANCIAL FREEDOM.
   § 450. OFFICE OF FINANCIAL FREEDOM. 1.  THERE  IS  HEREBY  ESTABLISHED
 WITHIN  THE  DEPARTMENT THE OFFICE OF FINANCIAL FREEDOM. THE SUPERINTEN-
 DENT SHALL APPOINT THE CHIEF FINANCIAL FREEDOM OFFICER AND CHIEF  FINAN-
 CIAL  FREEDOM  ECONOMIST  WHO SHALL APPOINT STAFF AND PERFORM SUCH OTHER
 FUNCTIONS TO ENSURE THE EFFICIENT OPERATION OF  THE  OFFICE  WITHIN  THE
 AMOUNTS MADE AVAILABLE THEREFOR BY APPROPRIATION.
   2.  THE OFFICE OF FINANCIAL FREEDOM SHALL HAVE THE POWER AND RESPONSI-
 BILITY TO:
   (A) HANDLE THE MONETIZATION AND CANCELATION OF PERSONAL DEBT;
   (B) CREATE PROGRAMS AND INITIATIVES TO ASSIST LOCAL COMMUNITIES IN:

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04052-02-9

co-Sponsors

2019-A3641B (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Eminent Domain Procedure Law
Laws Affected:
Add §708-a, EDP L; add Art 23 §450, Ec Dev L
Versions Introduced in 2021-2022 Legislative Session:
A3051

2019-A3641B (ACTIVE) - Summary

Creates the office of financial freedom to assist in the monetization, purchasing, and cancellation of personal debt, including student loan debt; medical debt, home loan debt, auto loan debt, credit card debt, small business loan debt and other consumer debt; permits debt to be purchased and written-down through eminent domain.

2019-A3641B (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3641--B
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 30, 2019
                                ___________
 
 Introduced by M. of A. KIM, HEVESI, NIOU, SIMON, EPSTEIN, THIELE -- read
   once   and  referred  to  the  Committee  on  Judiciary  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee -- again reported from said  committee  with  amend-
   ments, ordered reprinted as amended and recommitted to said committee

 AN ACT to amend the eminent domain procedure law, in relation to permit-
   ting  personal debt to be purchased and written-down; and to amend the
   economic development law, in relation to establishing  the  office  of
   financial freedom
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The eminent domain procedure law is amended by adding a new
 section 708-a to read as follows:
   § 708-A. ACQUISITION OF DEBT. THE CONDEMNOR  SHALL  BE  AUTHORIZED  TO
 ACQUIRE  FOR  PUBLIC USE, ANY CONDEMNEE'S PERSONAL DEBT HOLDINGS INCLUD-
 ING, BUT NOT LIMITED TO, STUDENT LOAN  DEBT,  MEDICAL  DEBT,  HOME  LOAN
 DEBT,  AUTO  LOAN  DEBT,  CREDIT CARD DEBT, SMALL BUSINESS LOAN DEBT AND
 OTHER CONSUMER DEBT, IN THE SAME MANNER AND PROCEDURE PRESCRIBED FOR THE
 ACQUISITION OF REAL PROPERTY UNDER THIS CHAPTER. THE CONDEMNOR SHALL  BE
 AUTHORIZED TO WRITE-DOWN SUCH ACQUIRED DEBT.
   §  2.  The economic development law is amended by adding a new article
 23 to read as follows:
                                 ARTICLE 23
                        OFFICE OF FINANCIAL FREEDOM
 SECTION 450. OFFICE OF FINANCIAL FREEDOM.
   § 450. OFFICE OF FINANCIAL FREEDOM. 1.  THERE  IS  HEREBY  ESTABLISHED
 WITHIN  THE  DEPARTMENT THE OFFICE OF FINANCIAL FREEDOM. THE SUPERINTEN-
 DENT SHALL APPOINT THE CHIEF FINANCIAL FREEDOM OFFICER AND CHIEF  FINAN-
 CIAL  FREEDOM  ECONOMIST  WHO SHALL APPOINT STAFF AND PERFORM SUCH OTHER
 FUNCTIONS TO ENSURE THE EFFICIENT OPERATION OF  THE  OFFICE  WITHIN  THE
 AMOUNTS MADE AVAILABLE THEREFOR BY APPROPRIATION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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