Senate Bill S5056

Vetoed By Governor
2023-2024 Legislative Session

Relates to creating a private education debt registry

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Sponsored By

Current Bill Status - Vetoed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Vetoed By Governor
  • Signed By Governor

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Bill Amendments

2023-S5056 - Details

Law Section:
Financial Services Law
Laws Affected:
Add Art 9 §§901 - 905, Fin Serv L

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

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

Law Section:
Financial Services Law
Laws Affected:
Add Art 9 §§901 - 905, Fin Serv L

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

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
              

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