Senate Bill S8197

2023-2024 Legislative Session

Relates to creating a private education debt registry

download bill text pdf

Sponsored By

Current Bill Status Via A8913 - Passed Senate


  • 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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2023-S8197 (ACTIVE) - Details

See Assembly Version of this Bill:
A8913
Law Section:
Financial Services Law
Laws Affected:
Add Art 9 §§901 - 905, Fin Serv L

2023-S8197 (ACTIVE) - Summary

Directs the superintendent of financial services to create a private education debt registry which shall contain information and documentation relating to loans issued by creditors including interest rates and copies of the notes and instruments used by such creditors for education loans.

2023-S8197 (ACTIVE) - Sponsor Memo

2023-S8197 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8197
 
                             I N  S E N A T E
 
                             January 12, 2024
                                ___________
 
 Introduced  by  Sen.  THOMAS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN ACT to amend the financial services law, in relation  to  creating  a
   private education debt registry
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The financial services law is amended by adding a new arti-
 cle 9 to read as follows:
                                 ARTICLE 9
                      PRIVATE EDUCATION DEBT REGISTRY
 SECTION 901. DEFINITIONS.
         902. PRIVATE EDUCATION DEBT REGISTRY.
         903. RULES AND REGULATIONS.
         904. VIOLATIONS.
         905. SEVERABILITY.
   § 901. DEFINITIONS. AS USED IN THIS ARTICLE:
   1. "FISCAL YEAR" MEANS THE TWELVE-MONTH PERIOD THAT THE PRIVATE EDUCA-
 TION CREDITOR USES FOR FINANCIAL REPORTING AND BUDGETING.
   2. "HIGHER EDUCATION" MEANS HIGHER EDUCATION, INCLUDING CAREER  EDUCA-
 TION,  AS  THOSE  TERMS ARE DEFINED IN SECTION TWO OF THE EDUCATION LAW,
 VIA CORRESPONDENCE, ONLINE, OR IN  PERSON,  REGARDLESS  OF  WHETHER  THE
 HIGHER EDUCATION INSTITUTION IS ACCREDITED WITHIN NEW YORK STATE.
   3.  "HIGHER  EDUCATION  EXPENSE" MEANS ANY EXPENSE ARISING FROM HIGHER
 EDUCATION.
   4. "PRIVATE EDUCATION CREDITOR" MEANS ANY PERSON ENGAGED IN THE  BUSI-
 NESS  OF SECURING, MAKING, OR EXTENDING A PRIVATE EDUCATION DEBT, OR ANY
 HOLDER OF A PRIVATE EDUCATION DEBT, INCLUDING PROVIDERS OF HIGHER EDUCA-
 TION TO WHICH A STUDENT EDUCATION DEBT IS OWED. "PRIVATE EDUCATION CRED-
 ITOR" SHALL NOT INCLUDE THE FOLLOWING PERSONS, ONLY TO THE  EXTENT  THAT
 STATE REGULATION IS PREEMPTED BY FEDERAL LAW:
   (A) ANY FEDERALLY CHARTERED BANK, SAVINGS BANK, SAVINGS AND LOAN ASSO-
 CIATION, OR CREDIT UNION;
   (B)  ANY  BANK,  SAVINGS BANK, SAVINGS AND LOAN ASSOCIATION, OR CREDIT
 UNION ORGANIZED UNDER THE LAWS OF THIS OR ANY OTHER STATE;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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