Assembly Bill A3051

2021-2022 Legislative Session

Creates the office of financial freedom; permits debt to be purchased and written-down through eminent domain

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2021-A3051 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Eminent Domain Procedure Law
Laws Affected:
Add §708-a, EDP L; add Art 23 §450, Ec Dev L
Versions Introduced in 2019-2020 Legislative Session:
A3641

2021-A3051 (ACTIVE) - Summary

Creates the office of financial freedom to assist in the monetization, purchasing, and cancellation of personal debt, including student loan debt; medical debt, home loan debt, auto loan debt, credit card debt, small business loan debt and other consumer debt; permits debt to be purchased and written-down through eminent domain.

2021-A3051 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3051
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2021
                                ___________
 
 Introduced by M. of A. KIM, HEVESI, NIOU, SIMON, EPSTEIN, THIELE, WEPRIN
   -- read once and referred to the Committee on Judiciary
 
 AN ACT to amend the eminent domain procedure law, in relation to permit-
   ting  personal debt to be purchased and written-down; and to amend the
   economic development law, in relation to establishing  the  office  of
   financial freedom
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The eminent domain procedure law is amended by adding a new
 section 708-a to read as follows:
   § 708-A. ACQUISITION OF DEBT. THE CONDEMNOR  SHALL  BE  AUTHORIZED  TO
 ACQUIRE  FOR  PUBLIC USE, ANY CONDEMNEE'S PERSONAL DEBT HOLDINGS INCLUD-
 ING, BUT NOT LIMITED TO, STUDENT LOAN  DEBT,  MEDICAL  DEBT,  HOME  LOAN
 DEBT,  AUTO  LOAN  DEBT,  CREDIT CARD DEBT, SMALL BUSINESS LOAN DEBT AND
 OTHER CONSUMER DEBT, IN THE SAME MANNER AND PROCEDURE PRESCRIBED FOR THE
 ACQUISITION OF REAL PROPERTY UNDER THIS CHAPTER. THE CONDEMNOR SHALL  BE
 AUTHORIZED TO WRITE-DOWN SUCH ACQUIRED DEBT.
   §  2.  The economic development law is amended by adding a new article
 23 to read as follows:
                                 ARTICLE 23
                        OFFICE OF FINANCIAL FREEDOM
 SECTION 450. OFFICE OF FINANCIAL FREEDOM.
   § 450. OFFICE OF FINANCIAL FREEDOM. 1.  THERE  IS  HEREBY  ESTABLISHED
 WITHIN  THE  DEPARTMENT THE OFFICE OF FINANCIAL FREEDOM. THE SUPERINTEN-
 DENT SHALL APPOINT THE CHIEF FINANCIAL FREEDOM OFFICER AND CHIEF  FINAN-
 CIAL  FREEDOM  ECONOMIST  WHO SHALL APPOINT STAFF AND PERFORM SUCH OTHER
 FUNCTIONS TO ENSURE THE EFFICIENT OPERATION OF  THE  OFFICE  WITHIN  THE
 AMOUNTS MADE AVAILABLE THEREFOR BY APPROPRIATION.
   2.  THE OFFICE OF FINANCIAL FREEDOM SHALL HAVE THE POWER AND RESPONSI-
 BILITY TO:
   (A) HANDLE THE MONETIZATION AND CANCELATION OF PERSONAL DEBT;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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