Assembly Bill A3408A

2019-2020 Legislative Session

Relates to student debt consultants

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Banks 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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Bill Amendments

co-Sponsors

2019-A3408 - Details

See Senate Version of this Bill:
S2426
Current Committee:
Senate Banks
Law Section:
Financial Services Law
Laws Affected:
Add Art 7 §§701 - 706, Fin Serv L
Versions Introduced in 2017-2018 Legislative Session:
A10629

2019-A3408 - Summary

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

2019-A3408 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3408
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 29, 2019
                                ___________
 
 Introduced  by  M. of A. ZEBROWSKI, KIM -- read once and referred 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-A3408A (ACTIVE) - Details

See Senate Version of this Bill:
S2426
Current Committee:
Senate Banks
Law Section:
Financial Services Law
Laws Affected:
Add Art 7 §§701 - 706, Fin Serv L
Versions Introduced in 2017-2018 Legislative Session:
A10629

2019-A3408A (ACTIVE) - Summary

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

2019-A3408A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3408--A
                                                         Cal. No. 189
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 29, 2019
                                ___________
 
 Introduced by M. of A. ZEBROWSKI, KIM, RODRIGUEZ, WEPRIN, NIOU, PERRY --
   read  once  and  referred  to  the Committee on Banks -- reported from
   committee, advanced to a third reading, amended and ordered reprinted,
   retaining its place on the order of third reading

 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.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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