S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3296
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2021
                                ___________
 
 Introduced  by  M.  of A. EPSTEIN, GOTTFRIED, REYES, BARRON -- read once
   and referred to the Committee on Higher Education
 
 AN ACT to amend the education law, in relation to reporting and publish-
   ing of certain financial statements and statistical  reports  received
   by the commissioner of education

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The education law is amended by adding a new section  239-c
 to read as follows:
   § 239-C. FOR-PROFIT HIGHER EDUCATION INSTITUTIONS; ENHANCED REPORTING.
 1.  AS  USED  IN THIS SECTION THE TERM "FOR-PROFIT INSTITUTION OF HIGHER
 EDUCATION" MEANS A SCHOOL THAT:
   (A) PROVIDES A PROGRAM  LEADING  TO  AN  ASSOCIATES  OR  BACCALAUREATE
 DEGREE;
   (B)  IS  LEGALLY  AUTHORIZED IN NEW YORK STATE TO PROVIDE A PROGRAM OF
 EDUCATION BEYOND SECONDARY EDUCATION; AND
   (C) IS NEITHER A PUBLIC OR NONPROFIT INSTITUTION.
   2. FOR SCHOOL FISCAL YEARS BEGINNING ON  AND  AFTER  JULY  FIRST,  TWO
 THOUSAND  TWENTY-TWO,  EACH  FOR-PROFIT  INSTITUTION OF HIGHER EDUCATION
 SHALL FILE ANNUALLY AN AUDITED FINANCIAL STATEMENT AUDITED ACCORDING  TO
 GENERALLY ACCEPTED AUDITING STANDARDS BY AN INDEPENDENT CERTIFIED PUBLIC
 ACCOUNTANT  OR  AN INDEPENDENT PUBLIC ACCOUNTANT AND STATISTICAL REPORTS
 CERTIFIED BY THE OWNER OR OPERATOR OF THE INSTITUTION,  AS  REQUIRED  BY
 THE  COMMISSIONER; PROVIDED, HOWEVER, THAT THE COMMISSIONER SHALL ACCEPT
 A COPY OF A CURRENT FINANCIAL STATEMENT PREVIOUSLY FILED BY AN  INSTITU-
 TION   WITH  ANY  OTHER  GOVERNMENTAL  AGENCY  IN  COMPLIANCE  WITH  THE
 PROVISIONS OF ANY FEDERAL OR STATE LAWS, OR RULES OR REGULATIONS IF SUCH
 STATEMENT CONTAINS ALL OF THE INFORMATION REQUIRED  UNDER  THIS  SECTION
 AND  CONFORMS  TO  THIS  SECTION'S  REQUIREMENTS OF AUDITING, REVIEW AND
 CERTIFICATION. ANY REQUIRED AUDIT OF THE FINANCIAL  STATEMENT  SHALL  BE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02087-01-1
              

 A. 3296                             2
 
 PAID  FOR  BY  THE  INSTITUTION,  AND THE RESULTS OF SUCH AUDIT SHALL BE
 FORWARDED TO THE COMMISSIONER.
   3.  THE  COMMISSIONER  MAY  REQUIRE AUDITED STATISTICAL REPORTS UPON A
 DETERMINATION THAT A FOR-PROFIT  INSTITUTION  OF  HIGHER  EDUCATION  HAS
 PROVIDED  FALSE  OR INACCURATE CERTIFIED STATISTICAL REPORTS. THE FINAN-
 CIAL STATEMENTS SHALL BE BASED ON THE FISCAL YEAR OF THE INSTITUTION AND
 SHALL ALSO INCLUDE AN ITEMIZED ACCOUNT OF TUITION REFUNDS DUE AND  OWING
 TO  PAST  OR  PRESENTLY  ENROLLED  STUDENTS.  STATISTICAL  REPORTS SHALL
 INCLUDE, BUT NOT BE LIMITED TO, ENROLLMENT, COMPLETION, AVERAGE  STUDENT
 DEBT AND PLACEMENT DATA.
   4.  FOR  SCHOOL  FISCAL  YEARS  BEGINNING ON AND AFTER JULY FIRST, TWO
 THOUSAND TWENTY-TWO, THE COMMISSIONER SHALL MAKE PUBLICLY AVAILABLE  AND
 PUBLISH ON THE WEBSITE OF THE DEPARTMENT ALL ANNUAL FINANCIAL STATEMENTS
 AND  STATISTICAL REPORTS RECEIVED PURSUANT TO THIS SECTION WITHIN THIRTY
 DAYS OF RECEIPT BY THE COMMISSIONER OF SUCH STATEMENTS AND REPORTS.  THE
 DEPARTMENT  SHALL  MAINTAIN  AND MAKE PUBLICLY AVAILABLE SUCH RECORDS ON
 ITS WEBSITE FOR A PERIOD OF NO LESS THAN TEN YEARS.
   § 2. Paragraph e of subdivision 4 of section 5001 of the education law
 is amended by adding a new subparagraph (iv) to read as follows:
   (IV) FOR SCHOOL FISCAL YEARS BEGINNING ON AND AFTER  JULY  FIRST,  TWO
 THOUSAND  TWENTY-TWO, THE COMMISSIONER SHALL MAKE PUBLICLY AVAILABLE AND
 PUBLISH ON THE WEBSITE OF THE DEPARTMENT ALL ANNUAL FINANCIAL STATEMENTS
 AND STATISTICAL REPORTS RECEIVED PURSUANT TO THIS PARAGRAPH WITHIN THIR-
 TY DAYS OF RECEIPT BY THE COMMISSIONER OF SUCH STATEMENTS  AND  REPORTS.
 THE  DEPARTMENT  SHALL MAINTAIN AND MAKE PUBLICLY AVAILABLE SUCH RECORDS
 ON ITS WEBSITE FOR A PERIOD OF NO LESS THAN TEN YEARS.
   § 3. This act shall take effect immediately.