Senate Bill S362A

2023-2024 Legislative Session

Relates to protections for private education loan borrowers and cosigners

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Sponsored By

Current Bill Status - 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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Bill Amendments

co-Sponsors

2023-S362 - Details

See Assembly Version of this Bill:
A3155
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:
S5136, A6226

2023-S362 - 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-S362 - Sponsor Memo

2023-S362 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    362
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced  by Sens. THOMAS, ADDABBO, JACKSON, PERSAUD -- read twice and
   ordered printed, and when printed to be committed to the Committee  on
   Consumer 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.);
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01638-01-3
              

co-Sponsors

2023-S362A (ACTIVE) - Details

See Assembly Version of this Bill:
A3155
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:
S5136, A6226

2023-S362A (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-S362A (ACTIVE) - Sponsor Memo

2023-S362A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  362--A
     Cal. No. 109
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced  by  Sens.  THOMAS,  ADDABBO,  JACKSON, PERSAUD, WEBB -- read
   twice and ordered printed, and when printed to  be  committed  to  the
   Committee  on  Consumer  Protection -- recommitted to the Committee on
   Consumer Protection in accordance  with  Senate  Rule  6,  sec.  8  --
   reported  favorably  from  said committee, ordered to first and second
   report, ordered to a third reading, passed by Senate and delivered  to
   the  Assembly, recalled, vote reconsidered, restored to third reading,
   amended and ordered reprinted, retaining its place  in  the  order  of
   third reading
 
 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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