senate Bill S5056

2023-2024 Legislative Session

Relates to creating a private education debt registry

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
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

Votes

view votes

May 22, 2023 - Rules committee Vote

S5056
14
4
committee
14
Aye
4
Nay
3
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

May 16, 2023 - Banks committee Vote

S5056
5
2
committee
5
Aye
2
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

Banks Committee Vote: May 16, 2023

nay (2)

S5056 (ACTIVE) - Details

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

S5056 (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.

S5056 (ACTIVE) - Sponsor Memo

S5056 (ACTIVE) - 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

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