Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 08, 2024 |
referred to corporations, authorities and commissions |
Senate Bill S8521
2023-2024 Legislative Session
Sponsored By
(D) 32nd Senate District
Current Bill Status - In Senate Committee Corporations, Authorities And Commissions 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
2023-S8521 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7111
- Current Committee:
- Senate Corporations, Authorities And Commissions
- Law Section:
- Public Authorities Law
- Laws Affected:
- Add §2405-g, Pub Auth L
2023-S8521 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8521 SPONSOR: SEPULVEDA TITLE OF BILL: An act to amend the public authorities law, in relation to establishing the "New York student loan assistance and home purchase act" PURPOSE: to amend the public authorities law, in relation to establishing the "New York student loan assistance and home purchase act SUMMARY OF PROVISIONS: A new section 4 2405-g is added to the public authorities statute, and it now reads as follows: Student loan assistance and home purchase program, section 2405-g. Definitions, first The following terms shall have the following definitions for the purposes of this section: 8(a) "Program" refers to the house purchase and student loan assistance program created in accordance with this section's subdivision two. 10(b)"Student loan" refers to any loan made to a borrower for the
2023-S8521 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8521 I N S E N A T E February 8, 2024 ___________ Introduced by Sen. SEPULVEDA -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the public authorities law, in relation to establishing the "New York student loan assistance and home purchase act" THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known and may be cited as the "New York student loan assistance and home purchase act". § 2. The public authorities law is amended by adding a new section 2405-g to read as follows: § 2405-G. STUDENT LOAN ASSISTANCE AND HOME PURCHASE PROGRAM. 1. DEFI- NITIONS. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (A) "PROGRAM" MEANS THE STUDENT LOAN ASSISTANCE AND HOME PURCHASE PROGRAM ESTABLISHED PURSUANT TO SUBDIVISION TWO OF THIS SECTION. (B) "STUDENT LOAN" MEANS ANY LOAN TO A BORROWER TO FINANCE POST-SECON- DARY EDUCATION OR EXPENSES RELATED TO POST-SECONDARY EDUCATION. FOR THE PURPOSES OF THIS SECTION, THE TERM "STUDENT LOAN" SHALL NOT BE LIMITED TO LOANS, AS SUCH TERM IS DEFINED BY SUBDIVISION TEN OF SECTION TWENTY- FOUR HUNDRED TWO OF THIS PART. 2. PROGRAM ESTABLISHED. THE AGENCY SHALL ESTABLISH A "STUDENT LOAN ASSISTANCE AND HOME PURCHASE PROGRAM", TO BE ADMINISTERED BY THE AGENCY, FOR THE PURPOSES OF FACILITATING THE PURCHASE OF HOMES BY INDIVIDUALS WHO ARE BURDENED BY STUDENT DEBT, BY PROVIDING FINANCING OPPORTUNITIES PURSUANT TO SUBDIVISION THREE OF THIS SECTION. THE CHAIR OF THE AGENCY SHALL APPOINT A DIRECTOR OF THE PROGRAM TO OVERSEE THE IMPLEMENTATION OF THE PROGRAM. 3. STUDENT LOAN ASSISTANCE AND HOME PURCHASE PROGRAM; IMPLEMENTATION. (A) THE PROGRAM SHALL ASSIST INDIVIDUALS WHO APPLY AND ARE ACCEPTED TO THE PROGRAM PURSUANT TO PARAGRAPH (B) OF THIS SUBDIVISION, BY CONSOL- IDATING ALL OR A PORTION OF SUCH INDIVIDUALS' STUDENT LOANS INTO SUCH INDIVIDUALS' MORTGAGES. THE PROGRAM SHALL BE AUTHORIZED TO PURCHASE MORTGAGES, EXISTING MORTGAGES, AND STUDENT LOANS FROM BANKS AS NEEDED TO EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.