Bill Text: NY S00346 | 2023-2024 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 7-0)

Status: (Engrossed) 2024-03-18 - referred to banks [S00346 Detail]

Download: New_York-2023-S00346-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           346

                               2023-2024 Regular Sessions

                    IN SENATE

                                       (Prefiled)

                                     January 4, 2023
                                       ___________

        Introduced  by  Sens.  GOUNARDES,  ADDABBO, JACKSON, MAY, THOMAS -- read
          twice and ordered printed, and when printed to  be  committed  to  the
          Committee on Labor

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

          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 president of the higher education
     5  services  corporation,  and  the  superintendent  of financial services,
     6  shall develop a notice, pamphlet or other  written  materials  regarding
     7  responsibilities and repayment options for student loans. Such materials
     8  shall  include  information  about consolidation and alternative federal
     9  student loan repayment plans, including income-based programs,  that  do
    10  not  require  consolidating  existing federal student loans, that may be
    11  available to borrowers. Such materials shall also provide  direction  to
    12  additional  resources including the website for the department of finan-
    13  cial services' student lending resource center.    Additional  materials
    14  shall  be  developed  in  the  same manner regarding public service loan
    15  forgiveness or repayment programs.
    16    2. Every employer in the state  shall  provide  upon  hiring,  to  any
    17  person  hired  for a post-graduate internship or an entry-level position
    18  of employment that requires an associate's degree or higher, on or after
    19  the effective date of this section a notice with regard to repayment  of
    20  student  loans  developed in accordance with this section, provided that
    21  public employers shall additionally provide a  notice  regarding  public
    22  service loan forgiveness or repayment programs.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01506-01-3
        S. 346                              2

     1    3.  (a)  "Student  loan" means any loan to a borrower to finance post-
     2  secondary education or expenses related to post-secondary education.
     3    (b)  "Borrower"  means  any  resident of this state who has received a
     4  student loan or agreed in writing to pay a student loan  or  any  person
     5  who  shares a legal obligation with such resident for repaying a student
     6  loan.
     7    § 2. This act shall take effect on the one hundred eightieth day after
     8  it shall have become a law.  Effective immediately, the addition, amend-
     9  ment and/or repeal of any rule or regulation necessary for the implemen-
    10  tation of this act on its effective date are authorized to be  made  and
    11  completed on or before such effective date.