Bill Text: NY A03641 | 2019-2020 | General Assembly | Amended
Bill Title: Creates the office of financial freedom to assist in the monetization, purchasing, and cancellation of personal debt, including student loan debt; medical debt, home loan debt, auto loan debt, credit card debt, small business loan debt and other consumer debt; permits debt to be purchased and written-down through eminent domain.
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Introduced - Dead) 2020-01-08 - referred to judiciary [A03641 Detail]
Download: New_York-2019-A03641-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 3641--B 2019-2020 Regular Sessions IN ASSEMBLY January 30, 2019 ___________ Introduced by M. of A. KIM, HEVESI, NIOU, SIMON, EPSTEIN, THIELE -- read once and referred to the Committee on Judiciary -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- again reported from said committee with amend- ments, ordered reprinted as amended and recommitted to said committee AN ACT to amend the eminent domain procedure law, in relation to permit- ting personal debt to be purchased and written-down; and to amend the economic development law, in relation to establishing the office of financial freedom The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The eminent domain procedure law is amended by adding a new 2 section 708-a to read as follows: 3 § 708-a. Acquisition of debt. The condemnor shall be authorized to 4 acquire for public use, any condemnee's personal debt holdings includ- 5 ing, but not limited to, student loan debt, medical debt, home loan 6 debt, auto loan debt, credit card debt, small business loan debt and 7 other consumer debt, in the same manner and procedure prescribed for the 8 acquisition of real property under this chapter. The condemnor shall be 9 authorized to write-down such acquired debt. 10 § 2. The economic development law is amended by adding a new article 11 23 to read as follows: 12 ARTICLE 23 13 OFFICE OF FINANCIAL FREEDOM 14 Section 450. Office of financial freedom. 15 § 450. Office of financial freedom. 1. There is hereby established 16 within the department the office of financial freedom. The superinten- 17 dent shall appoint the chief financial freedom officer and chief finan- 18 cial freedom economist who shall appoint staff and perform such other 19 functions to ensure the efficient operation of the office within the 20 amounts made available therefor by appropriation. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD04052-03-9A. 3641--B 2 1 2. The office of financial freedom shall have the power and responsi- 2 bility to: 3 (a) handle the monetization and cancelation of personal debt; 4 (b) create programs and initiatives to assist local communities in: 5 (i) utilizing section seven hundred eight-a of the eminent domain 6 procedure law or any other applicable financial mechanism to purchase 7 and cancel personal debt; 8 (ii) the construction or purchasing of debt; 9 (iii) implementing strategies that will help communities connect unmet 10 needs with resources; 11 (iv) implementing strategies that will aid state and local authorities 12 in the acquisition and write-down of debt; and 13 (v) coordinating efforts to turn personal debt into functioning 14 currencies, including local currencies; and 15 (c) conduct workshops on financial topics and offer financial assist- 16 ance and guidance to local communities interested in relieving personal 17 debt. 18 3. For purposes of this section the term "personal debt" shall mean 19 any debt that is owed by an individual and shall include, but shall not 20 be limited to, student loan debt and consumer debt. 21 § 3. This act shall take effect immediately.