senate Bill S2426A

2019-2020 Legislative Session

Relates to student debt consultants

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Rules Committee


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

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Actions

view actions (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 20, 2019 committed to rules
May 29, 2019 advanced to third reading
May 22, 2019 2nd report cal.
May 21, 2019 1st report cal.868
Apr 23, 2019 print number 2426a
Apr 23, 2019 amend and recommit to consumer protection
Apr 09, 2019 reported and committed to consumer protection
Jan 24, 2019 referred to banks

Votes

view votes

May 21, 2019 - Consumer Protection committee Vote

S2426A
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Consumer Protection committee vote details

Consumer Protection Committee Vote: May 21, 2019

Apr 10, 2019 - Banks committee Vote

S2426
9
1
committee
9
Aye
1
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Apr 10, 2019

nay (1)
aye wr (1)

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

S2426 - Summary

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

S2426 - Sponsor Memo

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

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

S2426A (ACTIVE) - Summary

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

S2426A (ACTIVE) - Sponsor Memo

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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