assembly Bill A3408

2019-2020 Legislative Session

Relates to student debt consultants

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Assembly


  • 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 (14)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 22, 2020 referred to banks
delivered to senate
passed assembly
Jan 08, 2020 ordered to third reading cal.143
returned to assembly
died in senate
May 07, 2019 referred to consumer protection
delivered to senate
passed assembly
Apr 29, 2019 amended on third reading 3408a
Apr 25, 2019 advanced to third reading cal.189
Apr 09, 2019 reported
Mar 19, 2019 reported referred to codes
Jan 29, 2019 referred to banks

Co-Sponsors

A3408 - Details

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

A3408 - Summary

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

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

view additional co-sponsors

A3408A (ACTIVE) - Details

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

A3408A (ACTIVE) - Summary

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

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