Assembly Bill A3155A

2023-2024 Legislative Session

Relates to protections for private education loan borrowers and cosigners

download bill text pdf

Sponsored By

Current Bill Status Via S362 - On Floor Calendar


  • 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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Actions
Votes

Bill Amendments

co-Sponsors

2023-A3155 - Details

See Senate Version of this Bill:
S362
Law Section:
General Business Law
Laws Affected:
Add Art 42 §§1100 - 1108, Gen Bus L; amd §105, CPLR
Versions Introduced in 2021-2022 Legislative Session:
A6226, S5136

2023-A3155 - 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.

2023-A3155 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3155
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 2, 2023
                                ___________
 
 Introduced  by  M.  of  A.  ZEBROWSKI,  SIMON,  FORREST -- read once and
   referred to the Committee on Consumer Affairs and 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.);
   (B)  IS  EXTENDED  TO  A  CONSUMER EXPRESSLY, IN WHOLE OR IN PART, FOR
 HIGHER EDUCATION EXPENSES, REGARDLESS OF WHETHER THE LOAN IS PROVIDED BY
 THE EDUCATIONAL INSTITUTION THAT THE STUDENT ATTENDS;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01638-01-3
              

co-Sponsors

2023-A3155A (ACTIVE) - Details

See Senate Version of this Bill:
S362
Law Section:
General Business Law
Laws Affected:
Add Art 42 §§1100 - 1108, Gen Bus L; amd §105, CPLR
Versions Introduced in 2021-2022 Legislative Session:
A6226, S5136

2023-A3155A (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.

2023-A3155A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3155--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 2, 2023
                                ___________
 
 Introduced  by  M.  of  A.  ZEBROWSKI,  SIMON, FORREST, WALLACE, EACHUS,
   SIMONE, LEVENBERG, BURDICK -- read once and referred to the  Committee
   on  Consumer Affairs and Protection -- recommitted to the Committee on
   Consumer Protection in accordance with Assembly  Rule  3,  sec.  2  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee
 
 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.
   § 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.
                                                            LBD01638-05-4
              

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