Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Jan 08, 2020 |
referred to labor |
Apr 04, 2019 |
referred to labor |
Senate Bill S5048
2019-2020 Legislative Session
Sponsored By
(D) 26th Senate District
Archive: Last Bill Status - In Senate Committee Labor 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
2019-S5048 (ACTIVE) - Details
2019-S5048 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5048 SPONSOR: GOUNARDES TITLE OF BILL: An act to amend the labor law, in relation to student loan repayment information PURPOSE OR GENERAL IDEA OF BILL: To require employers to provide newly hired employees with a notice detailing student loan repayment options that may be available to borrowers. SUMMARY OF PROVISIONS: Section one amends section 217-a of the Labor Law to require the Commis- sioner of Labor, the !Commissioner of Education, and the Superintendent of Financial Services, to develop a notice outlining student loan repay- ment options, including ways to consolidate federal loans and income- based repayment options and the website for the Department of Financial Services' Student Lending Resource Center. The section stipulates that every new employer shall be required to provide this notice to any
2019-S5048 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5048 2019-2020 Regular Sessions I N S E N A T E April 4, 2019 ___________ Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when printed to be committed to the Committee on Labor AN ACT to amend the labor law, in relation to student loan repayment information THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The labor law is amended by adding a new section 217-a to read as follows: § 217-A. STUDENT LOAN REPAYMENT INFORMATION TO BE PROVIDED. 1. THE COMMISSIONER, IN CONSULTATION WITH THE COMMISSIONER OF EDUCATION AND THE SUPERINTENDENT OF FINANCIAL SERVICES, SHALL DEVELOP A NOTICE, PAMPHLET OR OTHER WRITTEN MATERIALS REGARDING RESPONSIBILITIES AND REPAYMENT OPTIONS FOR STUDENT LOANS. SUCH MATERIALS SHALL INCLUDE INFORMATION ABOUT CONSOLIDATION AND ALTERNATIVE FEDERAL STUDENT LOAN REPAYMENT PLANS, INCLUDING INCOME-BASED PROGRAMS, THAT DO NOT REQUIRE CONSOLIDAT- ING EXISTING FEDERAL STUDENT LOANS, THAT MAY BE AVAILABLE TO BORROWERS. SUCH MATERIALS SHALL ALSO PROVIDE DIRECTION TO ADDITIONAL RESOURCES INCLUDING THE WEBSITE FOR THE DEPARTMENT OF FINANCIAL SERVICES' STUDENT LENDING RESOURCE CENTER AT WWW.DFS.NY.GOV/STUDENTPROTECTION. 2. EVERY EMPLOYER IN THE STATE SHALL PROVIDE TO ANY PERSON HIRED ON OR AFTER THE EFFECTIVE DATE OF THIS SECTION A NOTICE WITH REGARD TO REPAY- MENT OF STUDENT LOANS DEVELOPED IN ACCORDANCE WITH THIS SECTION. 3. (A) "STUDENT LOAN" MEANS ANY LOAN TO A BORROWER TO FINANCE POST- SECONDARY EDUCATION OR EXPENSES RELATED TO POST-SECONDARY EDUCATION. (B) "BORROWER" MEANS ANY RESIDENT OF THIS STATE WHO HAS RECEIVED A STUDENT LOAN OR AGREED IN WRITING TO PAY A STUDENT LOAN OR ANY PERSON WHO SHARES A LEGAL OBLIGATION WITH SUCH RESIDENT FOR REPAYING A STUDENT LOAN. § 2. This act shall take effect on the one hundred eightieth day after it shall have become a law. Effective immediately, any rules and regu- lations necessary for the timely implementation of this act on its effective date shall be promulgated on or before such effective date. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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