Bill Text: NY A08060 | 2017-2018 | General Assembly | Amended

New York Assembly Bill 8060 (Prior Session Legislation)

Bill Title: Relates to licensed private career schools with gross tuition of less than one hundred thousand dollars; authorizes certain licensed private career schools to file an unaudited financial statement under certain circumstances.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2018-01-03 - referred to higher education [A08060 Detail]

Download: New_York-2017-A08060-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                         8060--A
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                      May 25, 2017
                                       ___________
        Introduced  by  M.  of  A.  HYNDMAN,  McDONALD, DICKENS -- read once and
          referred to the Committee on Higher Education -- committee discharged,
          bill amended, ordered reprinted as amended  and  recommitted  to  said
          committee
        AN  ACT  to  amend  the  education  law, in relation to licensed private
          career schools with gross tuition of less than  one  hundred  thousand
          dollars;  and providing for the repeal of such provisions upon expira-
          tion thereof
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1. Paragraph e of subdivision 4 of section 5001 of the educa-
     2  tion law is amended by  adding  a  new  subparagraph  (iv)  to  read  as
     3  follows:
     4    (iv)  Schools  whose  gross  tuition is less than one hundred thousand
     5  dollars in a school fiscal year and which receive less than one  hundred
     6  thousand  dollars in state and federal student financial aid in a school
     7  fiscal year shall file with  the  commissioner  an  unaudited  financial
     8  statement in a format prescribed by the commissioner, provided, however,
     9  that  for  such  schools, audited financial statements shall be required
    10  every three  years,  at  minimum,  with  reviewed  financial  statements
    11  allowed  during  the  years  where an audited financial statement is not
    12  filed. Upon a determination  by  the  commissioner  that  a  school  has
    13  submitted  false  or inaccurate statements or that a significant, unsub-
    14  stantiated decline in gross tuition has occurred, the  commissioner  may
    15  require  any such school to file an audited financial statement pursuant
    16  to this paragraph even during years when reviewed statements would ordi-
    17  narily be allowed.
    18    § 2. This act shall take effect immediately and shall  expire  and  be
    19  deemed repealed 5 years after such date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08723-05-7