NY State Senate Bill S2767A

Archive: Last Bill Status - Signed by Governor

Introduced
In Committee
On Floor Calendar
- Passed Senate
- Passed Assembly
Delivered to Governor
Signed by Governor

Your Voice

Please enter your contact information

First Name *

Last Name *

Email Address *

A valid email address is required.

Home address search or enter your address manually *

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.

Leave this field blank

Actions

view actions (21)

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Dec 22, 2021	approval memo.132 signed chap.774
Dec 10, 2021	delivered to governor
Jun 01, 2021	returned to senate passed assembly ordered to third reading rules cal.186 substituted for a5423a
May 03, 2021	referred to higher education returned to assembly repassed senate
Apr 27, 2021	amended on third reading 2767a
Apr 27, 2021	vote reconsidered - restored to third reading returned to senate recalled from assembly
Feb 09, 2021	referred to higher education delivered to assembly passed senate
Feb 08, 2021	advanced to third reading
Feb 03, 2021	2nd report cal.
Feb 02, 2021	1st report cal.260
Jan 25, 2021	referred to higher education

Votes

Bill Amendments

Original

A (Active)

Original

A (Active)

Co-Sponsors

S2767 - Details

See Assembly Version of this Bill:: A5423
Law Section:: Education
Versions Introduced in Other Legislative Sessions:: 2017-2018: S5120
2019-2020: S250

S2767 - Summary

Establishes a private student loan refinance task force to study and report on ways lending institutions offering private student loans to graduates of institutions of higher education can be encouraged to establish student loan refinancing programs.

S2767 - Sponsor Memo

 
BILL NUMBER: S2767

SPONSOR: KENNEDY
 
TITLE OF BILL:

An act to establish a private student loan refinance task force; and
providing for the repeal of such provisions upon expiration thereof

 
PURPOSE OR GENERAL IDEA OF BILL:

Establishes the private student loan refinance task force to recommend
ways lending institutions can offer New York graduates of higher educa-
tion the opportunity to refinance their student loans and provide
borrowers with more flexibility with reducing monthly payments

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1. Establishes the private student loan refinance task force and
describes its purpose

Section 2: Describes the members of the private student loan refinance

task force and when such members shall be appointed by

Section 3: Authorizes the president of the higher education services
corporation be designated as the chairperson for the private student
loan refinance task force and provides that the members of the task
force shall serve without compensation

Section 4: Provides that the private student loan refinance task force
shall issue a report of its findings to the governor, the temporary
president of the senate and the speaker of the assembly no later than
December 31, 2021.

Section 5: Provides that the private student loan refinance task force
shall terminate on the date it submits the report required by section
four of the act.

 
JUSTIFICATION:

The federal government has responded to the student loan debt crisis
facing our most recent college graduates. Recent college graduates now
have the opportunity to access various programs that make it easier to
repay their federal student loans. For example, borrowers can enroll in
income-based repayment plans, which make loan payments more reasonable
by considering the borrowers current income.

However, nothing has been done to address the issues associated with the
private student loans that remain. Often, borrowers have high monthly
payments, but do not have the means to pay. When borrowers ask for
assistance to reduce their monthly payments, private lenders offer
little to no solution. As a result, borrowers default on their loans,
and tarnish their credit scores. This task force will look at ways to
encourage lending institutions, who provide private loans in New York,
to refinance student loans and provide borrowers with more flexibility
with reducing monthly payments.  27,

 
PRIOR LEGISLATIVE HISTORY:

2019-20: S.250A PASSED SENATE
 
FISCAL IMPLICATIONS:

None

S2767 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2767
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 25, 2021
                                ___________
 
 Introduced  by  Sens.  KENNEDY, BIAGGI, GOUNARDES, HELMING, KAPLAN, MAY,
   SALAZAR -- read twice and ordered printed,  and  when  printed  to  be
   committed to the Committee on Higher Education
 
 AN  ACT  to  establish  a private student loan refinance task force; and
   providing for the repeal of such provisions upon expiration thereof

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. There is hereby established the private student loan refi-
 nance task force. The purpose of such task force is to study and analyze
 ways lending institutions that offer private student loans to  New  York
 graduates  of  institutions  of  higher  education can be incentives and
 encouraged to create student loan refinance programs.
   § 2. The private student loan refinance task force shall consist of 11
 members and shall include: the state comptroller or his or her designee,
 the superintendent of financial services or his  or  her  designee,  the
 president  of  the  higher  education services corporation or his or her
 designee, the chairs and ranking minority  members  of  the  senate  and
 assembly  committees  on  higher  education  or  their  designees, and 4
 members appointed by the governor from lending institutions in New  York
 that  offer  private  student  loans. All appointments of members of the
 private student loan refinance task force shall be made  no  later  than
 thirty days after the effective date of this act.
   §  3. The president of the higher education services corporation shall
 be designated as the chairperson of the private student  loan  refinance
 task force. The members of the private student loan refinance task force
 shall  serve  without compensation, except that members shall be allowed
 their necessary and actual expenses incurred in the performance of their
 duties under this act.
   § 4. The private student loan  refinance  task  force  shall  issue  a
 report  of  its findings and recommendations to the governor, the tempo-

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06906-01-1

 S. 2767                             2
 
 rary president of the senate and the speaker of the  assembly  no  later
 than December 31, 2021.
   §  5.  This  act shall take effect immediately and shall expire and be
 deemed repealed January 1, 2022.

Co-Sponsors

view additional co-sponsors

S2767A (ACTIVE) - Details

See Assembly Version of this Bill:: A5423
Law Section:: Education
Versions Introduced in Other Legislative Sessions:: 2017-2018: S5120
2019-2020: S250

S2767A (ACTIVE) - Summary

S2767A (ACTIVE) - Sponsor Memo

 
BILL NUMBER: S2767A

SPONSOR: KENNEDY
 
TITLE OF BILL:

An act to establish a private student loan refinance task force; and
providing for the repeal of such provisions upon expiration thereof

 
PURPOSE OR GENERAL IDEA OF BILL:

Establishes the private student loan refinance task force to recommend
ways lending institutions can offer New York graduates of higher educa-
tion the opportunity to refinance their student loans and provide
borrowers with more flexibility with reducing monthly payments

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1. Establishes the private student loan refinance task force and
describes its purpose

Section 2: Describes the members of the private student loan refinance

task force and when such members shall be appointed by

Section 3: Authorizes the president of the higher education services
corporation be designated as the chairperson for the private student
loan refinance task force and provides that the members of the task
force shall serve without compensation

Section 4: Provides that the private student loan refinance task force
shall issue a report of its findings to the governor, the temporary
president of the senate and the speaker of the assembly no later than
December 31, 2022.

Section 5: Provides that the private student loan refinance task force
shall terminate on the date it submits the report required by section
four of the act.

 
JUSTIFICATION:

The federal government has responded to the student loan debt crisis
facing our most recent college graduates. Recent college graduates now
have the opportunity to access various programs that make it easier to
repay their federal student loans. For example, borrowers can enroll in
income-based repayment plans, which make loan payments more reasonable
by considering the borrowers current income.

However, nothing has been done to address the issues associated with the
private student loans that remain. Often, borrowers have high monthly
payments, but do not have the means to pay. When borrowers ask for
assistance to reduce their monthly payments, private lenders offer
little to no solution. As a result, borrowers default on their loans,
and tarnish their credit scores. This task force will look at ways to
encourage lending institutions, who provide private loans in New York,
to refinance student loans and provide borrowers with more flexibility
with reducing monthly payments.

 
PRIOR LEGISLATIVE HISTORY:

2019-20: S.250A PASSED
 
SENATE FISCAL IMPLICATIONS:

None

S2767A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2767--A
     Cal. No. 260
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 25, 2021
                                ___________
 
 Introduced by Sens. KENNEDY, BIAGGI, GAUGHRAN, GOUNARDES, HELMING, JACK-
   SON,  KAPLAN, MAY, SALAZAR -- read twice and ordered printed, and when
   printed to be committed  to  the  Committee  on  Higher  Education  --
   reported  favorably  from  said committee, ordered to first and second
   report, ordered to a third reading, passed by Senate and delivered  to
   the  Assembly, recalled, vote reconsidered, restored to third reading,
   amended and ordered reprinted, retaining its place  in  the  order  of
   third reading
 
 AN  ACT  to  establish  a private student loan refinance task force; and
   providing for the repeal of such provisions upon expiration thereof
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. There is hereby established the private student loan refi-
 nance task force. The purpose of such task force is to study and analyze
 ways lending  institutions  that  offer  non-federal  student  loans  to
 students  of  New York institutions of higher education can be incentiv-
 ized and encouraged to create student loan refinance programs.
   § 2. The private student loan refinance task force shall consist of 11
 members as follows:  the superintendent of financial services or his  or
 her designee, the president of the higher education services corporation
 or  his  or  her  designee, three members appointed by the governor, two
 members appointed by the temporary president of the senate,  one  member
 appointed by the minority leader of the senate, two members appointed by
 the  speaker  of  the assembly, and one member appointed by the minority
 leader of the assembly. The appointed  members  shall  include,  to  the
 extent  practicable,  individuals representative of lending institutions
 and the consumer protection community.  All appointments of  members  of
 the  private  student  loan  refinance task force shall be made no later
 than 90 days after the effective date of this act.
   § 3. The president of the higher education services corporation  shall
 be  designated  as the chairperson of the private student loan refinance
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                       [ ] is old law to be omitted.
                                                            LBD06906-03-1

 S. 2767--A                          2
 
 task force. The members of the private student loan refinance task force
 shall serve without compensation, except that members shall  be  allowed
 their necessary and actual expenses incurred in the performance of their
 duties under this act.
   §  4.  The  private  student  loan  refinance task force shall issue a
 report of its findings and recommendations to the governor,  the  tempo-
 rary  president  of  the senate and the speaker of the assembly no later
 than December 31, 2022.
   § 5. This act shall take effect immediately and shall  expire  and  be
 deemed repealed January 1, 2023.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

The New York State Senate

senate Bill S2767A

Sponsored By

Archive: Last Bill Status - Signed by Governor

Your Voice

Actions

Votes

May 3, 2021 - floor Vote

Floor Vote: May 3, 2021

Feb 9, 2021 - floor Vote

Floor Vote: Feb 9, 2021

Feb 2, 2021 - Higher Education committee Vote

Committee Vote: Feb 2, 2021

Bill Amendments

Co-Sponsors

S2767 - Details

S2767 - Summary

S2767 - Sponsor Memo

S2767 - Bill Text download pdf

Co-Sponsors

S2767A (ACTIVE) - Details

S2767A (ACTIVE) - Summary

S2767A (ACTIVE) - Sponsor Memo

S2767A (ACTIVE) - Bill Text download pdf

Comments

senate Bill S2767A

Share this bill

Sponsored By

Archive: Last Bill Status - Signed by Governor

Your Voice

Actions

Votes

May 3, 2021 - floor Vote

Floor Vote: May 3, 2021

Feb 9, 2021 - floor Vote

Floor Vote: Feb 9, 2021

Feb 2, 2021 - Higher Education committee Vote

Committee Vote: Feb 2, 2021

Bill Amendments

Co-Sponsors

S2767 - Details

S2767 - Summary

S2767 - Sponsor Memo

S2767 - Bill Text download pdf

Co-Sponsors

S2767A (ACTIVE) - Details

S2767A (ACTIVE) - Summary

S2767A (ACTIVE) - Sponsor Memo

S2767A (ACTIVE) - Bill Text download pdf

Comments