Bill Text: NY A07918 | 2019-2020 | General Assembly | Introduced

Bill Title: Directs the development of materials to be provided to new employees relating to student loan repayment information.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-05-28 - referred to banks [A07918 Detail]

Download: New_York-2019-A07918-Introduced.html

                STATE OF NEW YORK


                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                      May 28, 2019

        Introduced by M. of A. KIM -- read once and referred to the Committee on

        AN  ACT  to  amend  the labor law, in relation to student loan repayment

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  The labor law is amended by adding a new section 217-a to
     2  read as follows:
     3    § 217-a. Student loan repayment information to  be  provided.  1.  The
     4  commissioner, in consultation with the commissioner of education and the
     5  superintendent  of  financial services, shall develop a notice, pamphlet
     6  or other written  materials  regarding  responsibilities  and  repayment
     7  options  for  student  loans.  Such  materials shall include information
     8  about consolidation  and  alternative  federal  student  loan  repayment
     9  plans,  including income-based programs, that do not require consolidat-
    10  ing existing federal student loans, that may be available to  borrowers.
    11  Such  materials  shall  also  provide  direction to additional resources
    12  including the website for the department of financial services'  student
    13  lending resource center at
    14    2. Every employer in the state shall provide to any person hired on or
    15  after  the effective date of this section a notice with regard to repay-
    16  ment of student loans developed in accordance with this section.
    17    3. (a) "Student loan" means any loan to a borrower  to  finance  post-
    18  secondary education or expenses related to post-secondary education.
    19    (b)  "Borrower"  means  any  resident of this state who has received a
    20  student loan or agreed in writing to pay a student loan  or  any  person
    21  who  shares a legal obligation with such resident for repaying a student
    22  loan.
    23    § 2. This act shall take effect on the one hundred eightieth day after
    24  it shall have become a law. Effective immediately, any rules  and  regu-
    25  lations  necessary  for  the  timely  implementation  of this act on its
    26  effective date shall be promulgated on or before such effective date.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.