Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 21, 2023 |
returned to senate passed assembly ordered to third reading rules cal.867 substituted for a5286a |
Jun 08, 2023 |
referred to ways and means returned to assembly repassed senate |
Jun 05, 2023 |
amended on third reading 5056a |
Jun 05, 2023 |
vote reconsidered - restored to third reading returned to senate recalled from assembly |
May 30, 2023 |
referred to banks delivered to assembly passed senate |
May 22, 2023 |
ordered to third reading cal.1098 committee discharged and committed to rules |
May 16, 2023 |
reported and committed to finance |
Feb 22, 2023 |
referred to banks |
Senate Bill S5056A
2023-2024 Legislative Session
Sponsored By
(D) 6th Senate District
Current Bill Status - Passed Senate & Assembly
- 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
Actions
Votes
Bill Amendments
2023-S5056 - Details
2023-S5056 - Summary
Directs the superintendent of financial services to create a private education debt registry which shall contain information and documentation relating to loans issued by creditors including interest rates and copies of the notes and instruments used by such creditors for education loans.
2023-S5056 - Sponsor Memo
BILL NUMBER: S5056 SPONSOR: THOMAS TITLE OF BILL: An act to amend the financial services law, in relation to creating a private education debt registry PURPOSE GENERAL IDEA OF BILL: The purpose of the bill is to give financial policymakers and consumers a full and accurate view of the state of student debt in New York through the creation of a private education debt registry. SUMMARY OF PROVISIONS: Section 1 of the bill amends the financial services law by adding a new Article 9 to create the "private education debt registry." This article requires all private education creditors operating in New York State that are not already licensed or chartered by the Department of Finan- cial Services (DFS) for their private education debt business to regis- ter with the DFS, and requires all private education creditors to annu-
2023-S5056 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5056 2023-2024 Regular Sessions I N S E N A T E February 22, 2023 ___________ Introduced by Sen. THOMAS -- 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 creating a private education debt registry 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 9 to read as follows: ARTICLE 9 PRIVATE EDUCATION DEBT REGISTRY SECTION 901. DEFINITIONS. 902. PRIVATE EDUCATION DEBT REGISTRY. 903. RULES AND REGULATIONS. 904. VIOLATIONS. 905. SEVERABILITY. § 901. DEFINITIONS. AS USED IN THIS ARTICLE: 1. "FISCAL YEAR" MEANS THE TWELVE-MONTH PERIOD THAT THE PRIVATE EDUCA- TION CREDITOR USES FOR FINANCIAL REPORTING AND BUDGETING. 2. "HIGHER EDUCATION" MEANS HIGHER EDUCATION, INCLUDING CAREER EDUCA- TION, AS THOSE TERMS ARE DEFINED IN SECTION TWO OF THE EDUCATION LAW, VIA CORRESPONDENCE, ONLINE, OR IN PERSON, REGARDLESS OF WHETHER THE HIGHER EDUCATION INSTITUTION IS ACCREDITED WITHIN NEW YORK STATE. 3. "HIGHER EDUCATION EXPENSE" MEANS ANY EXPENSE ARISING FROM HIGHER EDUCATION. 4. "PRIVATE EDUCATION CREDITOR" MEANS ANY PERSON ENGAGED IN THE BUSI- NESS OF SECURING, MAKING, OR EXTENDING A PRIVATE EDUCATION DEBT, OR ANY HOLDER OF A PRIVATE EDUCATION DEBT, INCLUDING PROVIDERS OF HIGHER EDUCA- TION TO WHICH A STUDENT EDUCATION DEBT IS OWED. "PRIVATE EDUCATION CRED- ITOR" SHALL NOT INCLUDE THE FOLLOWING PERSONS, ONLY TO THE EXTENT THAT STATE REGULATION IS PREEMPTED BY FEDERAL LAW: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08128-02-3 S. 5056 2
2023-S5056A (ACTIVE) - Details
2023-S5056A (ACTIVE) - Summary
Directs the superintendent of financial services to create a private education debt registry which shall contain information and documentation relating to loans issued by creditors including interest rates and copies of the notes and instruments used by such creditors for education loans.
2023-S5056A (ACTIVE) - Sponsor Memo
BILL NUMBER: S5056A SPONSOR: THOMAS TITLE OF BILL: An act to amend the financial services law, in relation to creating a private education debt registry PURPOSE GENERAL IDEA OF BILL: The purpose of the bill is to give financial policymakers and consumers a full and accurate view of the state of student debt in New York through the creation of a private education debt registry. SUMMARY OF PROVISIONS: Section 1 of the bill amends the financial services law by adding a new Article 9 to create the "private education debt registry." This article requires all private education creditors operating in New York State that are not already licensed or chartered by the Department of Finan- cial Services (DFS) for their private education debt business to regis- ter with the DFS, and requires all private education creditors to annu-
2023-S5056A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5056--A Cal. No. 1098 2023-2024 Regular Sessions I N S E N A T E February 22, 2023 ___________ Introduced by Sen. THOMAS -- 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 Finance -- committee discharged and said bill committed to the Committee on Rules -- reported favorably from said committee, ordered to a third reading, passed by Senate and delivered to the Assembly, recalled, vote recon- sidered, restored to third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the financial services law, in relation to creating a private education debt registry 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 9 to read as follows: ARTICLE 9 PRIVATE EDUCATION DEBT REGISTRY SECTION 901. DEFINITIONS. 902. PRIVATE EDUCATION DEBT REGISTRY. 903. RULES AND REGULATIONS. 904. VIOLATIONS. 905. SEVERABILITY. § 901. DEFINITIONS. AS USED IN THIS ARTICLE: 1. "FISCAL YEAR" MEANS THE TWELVE-MONTH PERIOD THAT THE PRIVATE EDUCA- TION CREDITOR USES FOR FINANCIAL REPORTING AND BUDGETING. 2. "HIGHER EDUCATION" MEANS HIGHER EDUCATION, INCLUDING CAREER EDUCA- TION, AS THOSE TERMS ARE DEFINED IN SECTION TWO OF THE EDUCATION LAW, VIA CORRESPONDENCE, ONLINE, OR IN PERSON, REGARDLESS OF WHETHER THE HIGHER EDUCATION INSTITUTION IS ACCREDITED WITHIN NEW YORK STATE. 3. "HIGHER EDUCATION EXPENSE" MEANS ANY EXPENSE ARISING FROM HIGHER EDUCATION. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08128-04-3
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.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.