S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4050
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 9, 2023
                                ___________
 
 Introduced  by M. of A. WOERNER -- read once and referred to the Commit-
   tee on Education
 
 AN ACT to amend the education law, in relation to requirements  for  the
   New York state science, technology, engineering and mathematics incen-
   tive program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 4 of section 669-e of  the  education  law,  as
 amended  by  section  1 of part BB of chapter 56 of the laws of 2018, is
 amended to read as follows:
   4. The corporation shall convert to a student loan the full amount  of
 the  award given pursuant to this section, plus interest, according to a
 schedule to be determined by the corporation if: (a) a  recipient  fails
 to  complete  an  approved undergraduate program in science, technology,
 engineering or mathematics or changes majors to a program of undergradu-
 ate study other than in science, technology, engineering or mathematics;
 or (b) upon completion of such undergraduate degree program a  recipient
 fails  to  either  (i) complete THE EQUIVALENT OF five years of [contin-
 uous] full time employment in the science,  technology,  engineering  or
 mathematics  field  with  a  public or private entity located within New
 York state WITHIN EIGHT YEARS OF COMPLETING  SUCH  UNDERGRADUATE  DEGREE
 PROGRAM,  or (ii) maintain residency in New York state [for] DURING such
 RECIPIENT'S period of QUALIFYING employment IN THE SCIENCE,  TECHNOLOGY,
 ENGINEERING OR MATHEMATICS FIELD; or (c) a recipient fails to respond to
 requests  by  the  corporation  for the status of his or her academic or
 professional progress. The terms  and  conditions  of  this  subdivision
 shall  be  deferred  for  individuals  who  graduate with a degree in an
 approved undergraduate program in science,  technology,  engineering  or
 mathematics  and  enroll  on at least a half-time basis in a graduate or
 higher degree program or other  professional  licensure  degree  program
 until  they  are  conferred a degree, and shall also be deferred for any
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03742-01-3
              

 A. 4050                             2
 
 interruption in undergraduate study or employment as established by  the
 rules  and  regulations  of the corporation. The terms and conditions of
 this subdivision may also be deferred for a grace period, to  be  estab-
 lished  by  the  corporation,  following  the  completion of an approved
 undergraduate program in science, technology, engineering or mathematics
 a graduate or higher degree  program  or  other  professional  licensure
 degree  program.  Any  obligation  to  comply  with  such  provisions as
 outlined in this section shall be cancelled upon the death of the recip-
 ient. Notwithstanding any provisions of this subdivision to the  contra-
 ry, the corporation is authorized to promulgate rules and regulations to
 provide  for  the waiver or suspension of any financial obligation which
 would involve extreme hardship.
   § 2. This act shall take effect immediately.