Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 06, 2020 |
enacting clause stricken |
Jan 08, 2020 |
referred to higher education |
Feb 08, 2019 |
referred to higher education |
Assembly Bill A5280
2019-2020 Legislative Session
Sponsored By
CRESPO
Archive: Last Bill Status - Stricken
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
Nathalia Fernandez
Carmen De La Rosa
Jose Rivera
Robert J. Rodriguez
multi-Sponsors
Carmen E. Arroyo
Brian Barnwell
Rodneyse Bichotte Hermelyn
Kenneth Blankenbush
2019-A5280 (ACTIVE) - Details
2019-A5280 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5280 2019-2020 Regular Sessions I N A S S E M B L Y February 8, 2019 ___________ Introduced by M. of A. CRESPO -- Multi-Sponsored by -- M. of A. ARROYO, BARNWELL, BICHOTTE, BLAKE, BLANKENBUSH, CAHILL, COLTON, CYMBROWITZ, DE LA ROSA, DILAN, ENGLEBRIGHT, FINCH, GOTTFRIED, GUNTHER, JOYNER, LAVINE, LIFTON, McDONOUGH, M. G. MILLER, MOSLEY, PEOPLES-STOKES, PICHARDO, PRETLOW, RAMOS, RIVERA, RODRIGUEZ, SIMON, THIELE, WILLIAMS, ZEBROWSKI -- read once and referred to the Committee on Higher Educa- tion AN ACT to amend the education law, in relation to establishing the New York state higher education debt consolidation and refinancing program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Article 14 of the education law is amended by adding a new part 6 to read as follows: PART VI NEW YORK STATE HIGHER EDUCATION DEBT CONSOLIDATION AND REFINANCING PROGRAM SECTION 694-J. NEW YORK STATE HIGHER EDUCATION DEBT CONSOLIDATION AND REFINANCING PROGRAM. § 694-J. NEW YORK STATE HIGHER EDUCATION DEBT CONSOLIDATION AND REFI- NANCING PROGRAM. 1. THE CORPORATION SHALL HAVE THE AUTHORITY TO ISSUE UP TO FIVE HUNDRED MILLION DOLLARS IN BONDS, TO CONSOLIDATE AND REFI- NANCE THE EDUCATION LOANS OF ELIGIBLE BORROWERS AT A LOWER INTEREST RATE, PROVIDED, HOWEVER IF THE CORPORATION DETERMINES IT NEEDS TO ISSUE MORE THAN FIVE HUNDRED MILLION DOLLARS IN BONDS TO OPERATE THE PROGRAM EFFECTIVELY, THE CORPORATION SHALL MAKE THE DETERMINATION BY JANUARY FIFTEEN OF THE YEAR SUBSEQUENT TO WHEN THE PROGRAM GOES INTO EFFECT. 2. THE CORPORATION SHALL CONSOLIDATE AND REFINANCE THE EDUCATION LOANS OF ELIGIBLE BORROWERS AND INTEREST SHALL ACCRUE UPON ALL STUDENT LOAN PAYMENTS MADE BY ELIGIBLE BORROWERS TO THE CORPORATION AT A RATE PER ANNUM THAT IS EQUAL TO OR LESS THAN 5.5%. INTEREST SHALL ACCRUE FROM THE TIME THE ELIGIBLE BORROWER COMMENCES REPAYMENT UNDER THIS SECTION, AND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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