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Assembly Bill A7918

2019-2020 Legislative Session

Relates to requiring new employees to be provided certain information relating to student loan repayment information

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Archive: Last Bill Status - In Assembly Committee

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2019-A7918 (ACTIVE) - Details

See Senate Version of this Bill:
S5048
Current Committee:
Assembly Banks
Law Section:
Labor Law
Laws Affected:
Add §217-a, Lab L
Versions Introduced in Other Legislative Sessions:
2021-2022: A3495, S859
2023-2024: A1873, S346
2025-2026: A639, S1673

2019-A7918 (ACTIVE) - Summary

Directs the development of materials to be provided to new employees relating to student loan repayment information.

2019-A7918 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7918
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 28, 2019
                                ___________
 
 Introduced by M. of A. KIM -- read once and referred to the Committee on
   Banks
 
 AN  ACT  to  amend  the labor law, in relation to student loan repayment
   information
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  The labor law is amended by adding a new section 217-a to
 read as follows:
   § 217-A. STUDENT LOAN REPAYMENT INFORMATION TO  BE  PROVIDED.  1.  THE
 COMMISSIONER, IN CONSULTATION WITH THE COMMISSIONER OF EDUCATION AND THE
 SUPERINTENDENT  OF  FINANCIAL SERVICES, SHALL DEVELOP A NOTICE, PAMPHLET
 OR OTHER WRITTEN  MATERIALS  REGARDING  RESPONSIBILITIES  AND  REPAYMENT
 OPTIONS  FOR  STUDENT  LOANS.  SUCH  MATERIALS SHALL INCLUDE INFORMATION
 ABOUT CONSOLIDATION  AND  ALTERNATIVE  FEDERAL  STUDENT  LOAN  REPAYMENT
 PLANS,  INCLUDING INCOME-BASED PROGRAMS, THAT DO NOT REQUIRE CONSOLIDAT-
 ING EXISTING FEDERAL STUDENT LOANS, THAT MAY BE AVAILABLE TO  BORROWERS.
 SUCH  MATERIALS  SHALL  ALSO  PROVIDE  DIRECTION TO ADDITIONAL RESOURCES
 INCLUDING THE WEBSITE FOR THE DEPARTMENT OF FINANCIAL SERVICES'  STUDENT
 LENDING RESOURCE CENTER AT WWW.DFS.NY.GOV/STUDENTPROTECTION.
   2. EVERY EMPLOYER IN THE STATE SHALL PROVIDE TO ANY PERSON HIRED ON OR
 AFTER  THE EFFECTIVE DATE OF THIS SECTION A NOTICE WITH REGARD TO REPAY-
 MENT OF STUDENT LOANS DEVELOPED IN ACCORDANCE WITH THIS SECTION.
   3. (A) "STUDENT LOAN" MEANS ANY LOAN TO A BORROWER  TO  FINANCE  POST-
 SECONDARY EDUCATION OR EXPENSES RELATED TO POST-SECONDARY EDUCATION.
   (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.
   § 2. This act shall take effect on the one hundred eightieth day after
 it shall have become a law. Effective immediately, any rules  and  regu-
 lations  necessary  for  the  timely  implementation  of this act on its
 effective date shall be promulgated on or before such effective date.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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