senate Bill S3206

2019-2020 Legislative Session

Relates to establishing a student loan borrower bill of rights

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Higher Education Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to higher education
Feb 04, 2019 referred to higher education

S3206 (ACTIVE) - Details

See Assembly Version of this Bill:
A3011
Current Committee:
Senate Higher Education
Law Section:
Education Law
Laws Affected:
Add §684, Ed L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8463, A8862
2021-2022: S5794, A2295
2023-2024: S2638, A2275

S3206 (ACTIVE) - Summary

Establishes the student loan borrower bill of rights to protect borrowers and ensure that student loan servicers act more as loan counselors than debt collectors.

S3206 (ACTIVE) - Sponsor Memo

S3206 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3206

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            February 4, 2019
                               ___________

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  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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01802-01-9

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.