Senate Bill S2426

2019-2020 Legislative Session

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee


  • 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

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Votes

Bill Amendments

2019-S2426 - Details

See Assembly Version of this Bill:
A3408
Current Committee:
Senate Rules
Law Section:
Financial Services Law
Laws Affected:
Add Art 7 §§701 - 706, Fin Serv L
Versions Introduced in 2017-2018 Legislative Session:
A10629

2019-S2426 - Summary

Regulates the practice of student debt consultants by establishing prohibitions and requiring certain disclosures.

2019-S2426 - Sponsor Memo

2019-S2426 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2426
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 24, 2019
                                ___________
 
 Introduced  by  Sen.  KAPLAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN ACT to amend the financial services law, in relation to student  debt
   consultants
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The financial services law is amended by adding a new arti-
 cle 7 to read as follows:
 
                                 ARTICLE 7
                         STUDENT DEBT CONSULTANTS
 SECTION 701. DEFINITIONS.
         702. PROHIBITIONS.
         703. DISCLOSURE REQUIREMENTS.
         704. STUDENT DEBT CONSULTING CONTRACTS.
         705. PENALTIES AND OTHER PROVISIONS.
         706. RULES AND REGULATIONS.
   § 701. DEFINITIONS.  (A) THE TERM "ADVERTISEMENT" SHALL  INCLUDE,  BUT
 IS  NOT  LIMITED  TO,  ALL  FORMS OF MARKETING, SOLICITATION, OR DISSEM-
 INATION OF INFORMATION RELATED, DIRECTLY OR INDIRECTLY, TO  SECURING  OR
 OBTAINING  A  STUDENT  DEBT CONSULTING CONTRACT OR SERVICES. FURTHER, IT
 SHALL INCLUDE ALL COMMONLY RECOGNIZED FORMS OF MEDIA MARKETING VIA TELE-
 VISION, RADIO, PRINT MEDIA, ALL FORMS OF  ELECTRONIC  COMMUNICATION  VIA
 THE  INTERNET,  AND  ALL PREPARED SALES PRESENTATIONS GIVEN IN PERSON OR
 OVER THE INTERNET TO THE GENERAL PUBLIC.
   (B) "BORROWER" MEANS ANY RESIDENT OF THIS STATE  WHO  HAS  RECEIVED  A
 STUDENT  LOAN  OR  AGREED IN WRITING TO PAY A STUDENT LOAN OR ANY PERSON
 WHO SHARES A LEGAL OBLIGATION WITH SUCH RESIDENT FOR REPAYING A  STUDENT
 LOAN.
   (C)  "FSA ID" MEANS A USERNAME AND PASSWORD ALLOCATED TO AN INDIVIDUAL
 BY THE FEDERAL GOVERNMENT TO ENABLE THE INDIVIDUAL TO LOG IN TO  CERTAIN
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

2019-S2426A (ACTIVE) - Details

See Assembly Version of this Bill:
A3408
Current Committee:
Senate Rules
Law Section:
Financial Services Law
Laws Affected:
Add Art 7 §§701 - 706, Fin Serv L
Versions Introduced in 2017-2018 Legislative Session:
A10629

2019-S2426A (ACTIVE) - Summary

Regulates the practice of student debt consultants by establishing prohibitions and requiring certain disclosures.

2019-S2426A (ACTIVE) - Sponsor Memo

2019-S2426A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2426--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 24, 2019
                                ___________
 
 Introduced  by  Sen.  KAPLAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks -- reported  favora-
   bly  from  said  committee  and committed to the Committee on Consumer
   Protection -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said committee

 AN ACT to amend the financial services law, in relation to student  debt
   consultants
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The financial services law is amended by adding a new arti-
 cle 7 to read as follows:
 
                                 ARTICLE 7
                         STUDENT DEBT CONSULTANTS
 SECTION 701. DEFINITIONS.
         702. PROHIBITIONS.
         703. DISCLOSURE REQUIREMENTS.
         704. STUDENT DEBT CONSULTING CONTRACTS.
         705. PENALTIES AND OTHER PROVISIONS.
         706. RULES AND REGULATIONS.
   § 701. DEFINITIONS.  (A) THE TERM "ADVERTISEMENT" SHALL  INCLUDE,  BUT
 IS  NOT  LIMITED  TO,  ALL  FORMS OF MARKETING, SOLICITATION, OR DISSEM-
 INATION OF INFORMATION RELATED, DIRECTLY OR INDIRECTLY, TO  SECURING  OR
 OBTAINING  A  STUDENT  DEBT CONSULTING CONTRACT OR SERVICES. FURTHER, IT
 SHALL INCLUDE ALL COMMONLY RECOGNIZED FORMS OF MEDIA MARKETING VIA TELE-
 VISION, RADIO, PRINT MEDIA, ALL FORMS OF  ELECTRONIC  COMMUNICATION  VIA
 THE  INTERNET,  AND  ALL PREPARED SALES PRESENTATIONS GIVEN IN PERSON OR
 OVER THE INTERNET TO THE GENERAL PUBLIC.
   (B) "BORROWER" MEANS ANY RESIDENT OF THIS STATE  WHO  HAS  RECEIVED  A
 STUDENT  LOAN  OR  AGREED IN WRITING TO PAY A STUDENT LOAN OR ANY PERSON
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02067-02-9
              

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