senate Bill S362

2023-2024 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 (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 25, 2023 referred to consumer affairs and protection
delivered to assembly
passed senate
Jan 23, 2023 advanced to third reading
Jan 18, 2023 2nd report cal.
Jan 17, 2023 1st report cal.148
Jan 04, 2023 referred to consumer protection

Votes

view votes

Jan 17, 2023 - Consumer Protection committee Vote

S362
6
0
committee
6
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Consumer Protection committee vote details

Consumer Protection Committee Vote: Jan 17, 2023

Co-Sponsors

S362 (ACTIVE) - Details

See Assembly Version of this Bill:
A3155
Law Section:
General Business Law
Laws Affected:
Add Art 42 §§1100 - 1109, Gen Bus L; amd §§105 & 3213, add §3012-c, CPLR
Versions Introduced in 2021-2022 Legislative Session:
S5136, A6226

S362 (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.

S362 (ACTIVE) - Sponsor Memo

S362 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    362
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced  by Sens. THOMAS, ADDABBO, JACKSON, PERSAUD -- 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  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:
   (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.
                                                            LBD01638-01-3

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