Assembly Bill A5423A

Signed By Governor
2021-2022 Legislative Session

Establishes a private student loan refinance task force

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Sponsored By

Archive: Last Bill Status Via S2767 - Signed by Governor

  • 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

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Bill Amendments

2021-A5423 - Details

See Senate Version of this Bill:
S2767
Law Section:
Education
Versions Introduced in Other Legislative Sessions:
2017-2018: S5120
2019-2020: S250

2021-A5423 - Summary

Establishes a private student loan refinance task force to study and report on ways lending institutions offering private student loans to graduates of institutions of higher education can be encouraged to establish student loan refinancing programs.

2021-A5423 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5423
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 16, 2021
                                ___________
 
 Introduced  by  M. of A. CRUZ -- read once and referred to the Committee
   on Higher Education
 
 AN ACT to establish a private student loan  refinance  task  force;  and
   providing for the repeal of such provisions upon expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. There is hereby established the private student loan  refi-
 nance task force. The purpose of such task force is to study and analyze
 ways  lending  institutions that offer private student loans to New York
 graduates of institutions of higher  education  can  be  incentives  and
 encouraged to create student loan refinance programs.
   § 2. The private student loan refinance task force shall consist of 11
 members and shall include: the state comptroller or his or her designee,
 the  superintendent  of  financial  services or his or her designee, the
 president of the higher education services corporation  or  his  or  her
 designee,  the  chairs  and  ranking  minority members of the senate and
 assembly committees on  higher  education  or  their  designees,  and  4
 members  appointed by the governor from lending institutions in New York
 that offer private student loans. All appointments  of  members  of  the
 private  student  loan  refinance task force shall be made no later than
 thirty days after the effective date of this act.
   § 3. The president of the higher education services corporation  shall
 be  designated  as the chairperson of the private student loan refinance
 task force. The members of the private student loan refinance task force
 shall serve without compensation, except that members shall  be  allowed
 their necessary and actual expenses incurred in the performance of their
 duties under this act.
   §  4.  The  private  student  loan  refinance task force shall issue a
 report of its findings and recommendations to the governor,  the  tempo-
 rary  president  of  the senate and the speaker of the assembly no later
 than December 31, 2021.
   § 5. This act shall take effect immediately and shall  expire  and  be
 deemed repealed January 1, 2022.

co-Sponsors

2021-A5423A (ACTIVE) - Details

See Senate Version of this Bill:
S2767
Law Section:
Education
Versions Introduced in Other Legislative Sessions:
2017-2018: S5120
2019-2020: S250

2021-A5423A (ACTIVE) - Summary

Establishes a private student loan refinance task force to study and report on ways lending institutions offering private student loans to graduates of institutions of higher education can be encouraged to establish student loan refinancing programs.

2021-A5423A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5423--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 16, 2021
                                ___________
 
 Introduced  by  M. of A. CRUZ -- read once and referred to the Committee
   on Higher Education -- committee  discharged,  bill  amended,  ordered
   reprinted as amended and recommitted to said committee
 
 AN  ACT  to  establish  a private student loan refinance task force; and
   providing for the repeal of such provisions upon expiration thereof

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. There is hereby established the private student loan refi-
 nance task force. The purpose of such task force is to study and analyze
 ways lending  institutions  that  offer  non-federal  student  loans  to
 students  of  New York institutions of higher education can be incentiv-
 ized and encouraged to create student loan refinance programs.
   § 2. The private student loan refinance task force shall consist of 11
 members as follows:  the superintendent of financial services or his  or
 her designee, the president of the higher education services corporation
 or  his  or  her  designee, three members appointed by the governor, two
 members appointed by the temporary president of the senate,  one  member
 appointed by the minority leader of the senate, two members appointed by
 the  speaker  of  the assembly, and one member appointed by the minority
 leader of the assembly. The appointed  members  shall  include,  to  the
 extent  practicable,  individuals representative of lending institutions
 and the consumer protection community.  All appointments of  members  of
 the  private  student  loan  refinance task force shall be made no later
 than 90 days after the effective date of this act.
   § 3. The president of the higher education services corporation  shall
 be  designated  as the chairperson of the private student loan refinance
 task force. The members of the private student loan refinance task force
 shall serve without compensation, except that members shall  be  allowed
 their necessary and actual expenses incurred in the performance of their
 duties under this act.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06906-02-1

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