senate Bill S5136

2021-2022 Legislative Session

Relates to protections for private education loan borrowers and cosigners

download bill text pdf

Sponsored By

Current Bill Status - Passed Senate


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

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 04, 2022 referred to consumer affairs and protection
delivered to assembly
passed senate
Mar 07, 2022 advanced to third reading
Mar 03, 2022 2nd report cal.
Mar 02, 2022 1st report cal.628
Feb 22, 2022 print number 5136b
Feb 22, 2022 amend and recommit to consumer protection
Jan 05, 2022 referred to consumer protection
Apr 28, 2021 print number 5136a
Apr 28, 2021 amend and recommit to consumer protection
Feb 24, 2021 referred to consumer protection

Votes

view votes

Mar 2, 2022 - Consumer Protection committee Vote

S5136B
6
0
committee
6
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Mar 2, 2022

aye wr (1)

S5136 - Details

See Assembly Version of this Bill:
A6226
Law Section:
General Business Law
Laws Affected:
Add Art 42 §§1100 - 1109, Gen Bus L; add §3012-c, CPLR

S5136 - Summary

Enacts protections for private education loan borrowers and cosigners; requires certain notifications from creditors and debt collectors; prohibits acceleration; enacts provisions for cosigner release.

S5136 - Sponsor Memo

S5136 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5136
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 24, 2021
                                ___________
 
 Introduced  by  Sen.  THOMAS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Consumer Protection
 
 AN ACT to amend the general business law and the civil practice law  and
   rules,  in relation to protecting private education loan borrowers and
   cosigners

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The general business law is amended by adding a new article
 42 to read as follows:
                                ARTICLE 42
                    PRIVATE EDUCATION LOAN PROTECTIONS
 SECTION 1100. DEFINITIONS.
         1101. APPLICABILITY.
         1102. EXEMPT ORGANIZATIONS.
         1103. PROVISIONS APPLICABLE TO COSIGNERS.
         1104. PROHIBITION  ON ACCELERATION OF PAYMENTS ON PRIVATE EDUCA-
                 TION LOANS.
         1105. REQUIRED COMMUNICATIONS.
         1106. REQUIRED INFORMATION TO BE PROVIDED BY CREDITORS AND  DEBT
                 COLLECTORS.
         1107. ENFORCEMENT.
         1108. RULES AND REGULATIONS.
         1109. PENALTIES.
   § 1100. DEFINITIONS. AS USED IN THIS ARTICLE:
   1. "PRIVATE EDUCATION LOAN" MEANS AN EXTENSION OF CREDIT THAT:
   (A)  IS  NOT MADE, INSURED, OR GUARANTEED UNDER TITLE IV OF THE HIGHER
 EDUCATION ACT OF 1965 (20 U.S.C. 1070 ET SEQ.);
   (B) IS EXTENDED TO A CONSUMER EXPRESSLY, IN  WHOLE  OR  IN  PART,  FOR
 HIGHER EDUCATION EXPENSES, REGARDLESS OF WHETHER THE LOAN IS PROVIDED BY
 THE EDUCATIONAL INSTITUTION THAT THE STUDENT ATTENDS;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09464-03-1

Co-Sponsors

S5136A - Details

See Assembly Version of this Bill:
A6226
Law Section:
General Business Law
Laws Affected:
Add Art 42 §§1100 - 1109, Gen Bus L; add §3012-c, CPLR

S5136A - Summary

Enacts protections for private education loan borrowers and cosigners; requires certain notifications from creditors and debt collectors; prohibits acceleration; enacts provisions for cosigner release.

S5136A - Sponsor Memo

S5136A - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5136--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 24, 2021
                                ___________
 
 Introduced  by  Sen.  THOMAS -- read twice and ordered printed, and when
   printed to be 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 general business law and the civil practice law  and
   rules,  in relation to protecting private education loan borrowers and
   cosigners
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The general business law is amended by adding a new article
 42 to read as follows:
                                ARTICLE 42
                    PRIVATE EDUCATION LOAN PROTECTIONS
 SECTION 1100. DEFINITIONS.
         1101. APPLICABILITY.
         1102. EXEMPT ORGANIZATIONS.
         1103. PROVISIONS APPLICABLE TO COSIGNERS.
         1104. PROHIBITION  ON ACCELERATION OF PAYMENTS ON PRIVATE EDUCA-
                 TION LOANS.
         1105. REQUIRED COMMUNICATIONS.
         1106. REQUIRED INFORMATION TO BE PROVIDED BY CREDITORS AND  DEBT
                 COLLECTORS.
         1107. ENFORCEMENT.
         1108. RULES AND REGULATIONS.
         1109. PENALTIES.
   § 1100. DEFINITIONS. AS USED IN THIS ARTICLE:
   1. "PRIVATE EDUCATION LOAN" MEANS AN EXTENSION OF CREDIT THAT:
   (A)  IS  NOT MADE, INSURED, OR GUARANTEED UNDER TITLE IV OF THE HIGHER
 EDUCATION ACT OF 1965 (20 U.S.C. 1070 ET SEQ.);
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09464-04-1

Co-Sponsors

S5136B (ACTIVE) - Details

See Assembly Version of this Bill:
A6226
Law Section:
General Business Law
Laws Affected:
Add Art 42 §§1100 - 1109, Gen Bus L; add §3012-c, CPLR

S5136B (ACTIVE) - Summary

Enacts protections for private education loan borrowers and cosigners; requires certain notifications from creditors and debt collectors; prohibits acceleration; enacts provisions for cosigner release.

S5136B (ACTIVE) - Sponsor Memo

S5136B (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5136--B
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 24, 2021
                                ___________
 
 Introduced  by  Sens. THOMAS, JACKSON, PERSAUD -- read twice and ordered
   printed, and when printed to be committed to the Committee on Consumer
   Protection -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted  to  said  committee  --  recommitted  to  the
   Committee  on  Consumer  Protection  in accordance with Senate Rule 6,
   sec. 8 -- committee discharged, bill  amended,  ordered  reprinted  as
   amended and recommitted to said committee
 
 AN  ACT to amend the general business law and the civil practice law and
   rules, in relation to protecting private education loan borrowers  and
   cosigners
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The general business law is amended by adding a new article
 42 to read as follows:
                                ARTICLE 42
                    PRIVATE EDUCATION LOAN PROTECTIONS
 SECTION 1100. DEFINITIONS.
         1101. APPLICABILITY.
         1102. EXEMPT ORGANIZATIONS.
         1103. PROVISIONS APPLICABLE TO COSIGNERS.
         1104. PROHIBITION ON ACCELERATION OF PAYMENTS ON PRIVATE  EDUCA-
                 TION LOANS.
         1105. REQUIRED  COMMUNICATIONS  FROM  CREDITORS AND DEBT COLLEC-
                 TORS.
         1106. REQUIRED INFORMATION TO BE PROVIDED BY CREDITORS AND  DEBT
                 COLLECTORS.
         1107. ENFORCEMENT.
         1108. RULES AND REGULATIONS.
         1109. PENALTIES.
   § 1100. DEFINITIONS. AS USED IN THIS ARTICLE:
   1. "PRIVATE EDUCATION LOAN" MEANS AN EXTENSION OF CREDIT THAT:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09464-10-2

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