Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2020 |
referred to banks |
Jan 18, 2019 |
referred to banks |
Assembly Bill A1932
2019-2020 Legislative Session
Sponsored By
ZEBROWSKI
Archive: Last Bill Status - In Assembly Committee
- 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
co-Sponsors
Felix Ortiz
Ellen C. Jaffee
Kimberly Jean-Pierre
Aileen Gunther
multi-Sponsors
Vivian Cook
Donna Lupardo
2019-A1932 (ACTIVE) - Details
2019-A1932 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1932 2019-2020 Regular Sessions I N A S S E M B L Y January 18, 2019 ___________ Introduced by M. of A. ZEBROWSKI, ORTIZ, JAFFEE, JEAN-PIERRE, GUNTHER, SIMON, MOSLEY, CRESPO, VANEL, BLAKE, GALEF, SOLAGES, RAIA -- Multi- Sponsored by -- M. of A. COOK, LUPARDO -- read once and referred to the Committee on Banks AN ACT to amend the banking law, in relation to including information concerning repayment of outstanding loans in the standard financial aid award letter THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 9-w of the banking law, as amended by section 1 of part CC of chapter 54 of the laws of 2016, is amended to read as follows: § 9-w. Standard financial aid award letter. The superintendent [of financial services] in consultation with the president of the higher education services corporation shall develop a standard financial aid award letter which shall clearly delineate (a) the estimated cost of attendance, including but not limited to, the cost of tuition and fees, room and board, books, and transportation. Such standard letter shall provide the estimated cost of attendance for the current academic year as well as estimates for each academic year that the student would need to attend to earn a degree at such institution with a disclaimer that the cost of attendance for years other than the current academic year are estimates and may be subject to change, (b) all financial aid offered from the federal government, the state, and the institution with an explanation as to which components will require repayment, (c) any expected student and/or family contribution, (d) campus-specific gradu- ation, median borrowing, and loan default rates, [and] (e) THE ESTIMATED LOAN REPAYMENT IMPACT USING A STANDARD TEN YEAR REPAYMENT TERM AND ASSUMED INTEREST RATE ON THE CURRENT AMOUNT OF OUTSTANDING LOANS INCLUD- ING TOTAL EXPECTED PAYOFF AMOUNT INCLUSIVE OF PRINCIPAL AND INTEREST, AND EXPECTED MONTHLY PAYMENT, AND (F) any other information as deter- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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