Bill Text: NY S01563 | 2013-2014 | General Assembly | Introduced
Bill Title: Enacts the "financial aid disclosure act"; makes definitions; requires institutions of higher education to disclose financial aid policies relating to contributions to be made by such institution, any changes which may result to such financial aid and the reasons therefor; makes board of regents in charge of enforcement.
Spectrum: Moderate Partisan Bill (Republican 4-1)
Status: (Introduced - Dead) 2014-01-08 - REFERRED TO HIGHER EDUCATION [S01563 Detail]
Download: New_York-2013-S01563-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 1563 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sens. LAVALLE, DeFRANCISCO, LARKIN, RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Higher Education AN ACT to amend the education law, in relation to financial aid disclo- sure THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. The education law is amended by adding a new article 14-B 2 to read as follows: 3 ARTICLE 14-B 4 FINANCIAL AID DISCLOSURE ACT 5 SECTION 698. SHORT TITLE. 6 698-A. DEFINITIONS. 7 698-B. DISCLOSURE OF FINANCIAL AID POLICY. 8 S 698. SHORT TITLE. THIS ARTICLE SHALL BE KNOWN AS THE "FINANCIAL AID 9 DISCLOSURE ACT." 10 S 698-A. DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING TERMS 11 SHALL HAVE THE FOLLOWING MEANINGS UNLESS OTHERWISE SPECIFIED: 12 1. "INSTITUTION OF HIGHER EDUCATION" SHALL HAVE THE SAME MEANING AS 13 DEFINED IN ARTICLE FOURTEEN-A OF THIS CHAPTER. 14 2. "STUDENT" MEANS ANY INDIVIDUAL OR GROUP OF INDIVIDUALS RESPONSIBLE 15 FOR PAYING THE COST OF AN ENROLLED STUDENT'S HIGHER EDUCATION, INCLUDING 16 BUT NOT LIMITED TO A STUDENT AND HIS OR HER FAMILY. 17 3. "FINANCIAL AID AWARD" MEANS ANY SCHOLARSHIP, GRANT, LOAN OR OTHER 18 FINANCIAL AID COMPENSATION AWARDED TO A STUDENT BY OR ADMINISTERED 19 THROUGH AN INSTITUTION OF HIGHER EDUCATION WITH THE PURPOSE OF DECREAS- 20 ING THE STUDENT'S COST OF ATTENDANCE AT AN INSTITUTION OF HIGHER EDUCA- 21 TION. 22 4. "OUTSIDE FINANCIAL AID AWARD" MEANS ANY SCHOLARSHIP, GRANT, AWARD 23 OR OTHER TYPE OF FINANCIAL ASSISTANCE AWARDED TO A STUDENT BY OR ADMIN- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06165-01-3 S. 1563 2 1 ISTERED THROUGH STATE OR NATIONAL GOVERNMENT OR A PRIVATE INDIVIDUAL OR 2 COMPANY FOR THE PURPOSE OF DECREASING THE STUDENT'S COST OF ATTENDANCE 3 AT AN INSTITUTION OF HIGHER EDUCATION. 4 5. "FINANCIAL AID PUBLICATION" MEANS ANY CATALOG, HAND BOOK, PROSPEC- 5 TUS, PAMPHLET, BULLETIN OR OTHER WRITTEN MATERIAL, SUPPLIED BY AN INSTI- 6 TUTION OF HIGHER EDUCATION THAT CONTAINS, EITHER EXCLUSIVELY OR ALONG 7 WITH OTHER MATERIAL, CONSIDERABLE INFORMATION REGARDING THE INSTITUTION 8 OF HIGHER EDUCATION'S FINANCIAL AID POLICIES. 9 6. "FINANCIAL AID AWARD STATEMENT" MEANS THE STATEMENT PROVIDED BY THE 10 INSTITUTION OF HIGHER EDUCATION AND DISTRIBUTED TO A STUDENT ACCEPTED 11 FOR ENROLLMENT AT SUCH INSTITUTION OF HIGHER EDUCATION THAT IDENTIFIES 12 THE SPECIFIC AMOUNT OF THE PROPOSED INDIVIDUAL'S FINANCIAL AID AWARD 13 FROM THE INSTITUTION OF HIGHER EDUCATION. 14 7. "FINANCIAL AID AWARD AGREEMENT" MEANS THE ACTUAL FORM UTILIZED BY 15 THE INSTITUTION OF HIGHER EDUCATION AND THE STUDENT IN ORDER TO FINALIZE 16 THE FINANCIAL AID AGREEMENT. 17 S 698-B. DISCLOSURE OF FINANCIAL AID POLICY. ALL FINANCIAL AID PUBLI- 18 CATIONS, AWARD STATEMENTS AND AWARD AGREEMENTS SHALL DISCLOSE THE INSTI- 19 TUTION OF HIGHER EDUCATION'S FINANCIAL AID POLICY REGARDING: 20 1. ANY CHANGES TO THE CONTRIBUTION THE INSTITUTION OF HIGHER EDUCATION 21 MAY MAKE IN ITS AWARD DUE TO THE STUDENT'S USAGE OF OUTSIDE FINANCIAL 22 AID AWARDS, SCHOLARSHIPS, GRANTS, AWARDS OR OTHER TYPES OF FINANCIAL 23 ASSISTANCE AWARDED TO A STUDENT BY OR ADMINISTERED THROUGH THE STATE OR 24 FEDERAL GOVERNMENT OR A PRIVATE INDIVIDUAL OR COMPANY FOR THE PURPOSES 25 OF DECREASING THE STUDENT'S COST OF ATTENDING COLLEGE; 26 2. ANY ANNUAL ADJUSTMENT OF AN AWARD DUE TO CHANGES IN THE RESOURCES 27 OF THE STUDENT OR THOSE OF THE INSTITUTION OF HIGHER EDUCATION OR FOR 28 ANY OTHER REASON; AND 29 3. IN WHAT SEQUENCE THE COMPONENTS OF A FINANCIAL AID AWARD WILL BE 30 INCREASED OR DECREASED WHEN A TOTAL AWARD IS ADJUSTED, AND HOW THE 31 INCREASE OR DECREASE WILL BE DISTRIBUTED BETWEEN COMPONENTS. 32 S 2. The education law is amended by adding a new section 209-b to 33 read as follows: 34 S 209-B. ENFORCEMENT RELATING TO FINANCIAL AID DISCLOSURE. THE REGENTS 35 SHALL, BY RULE OR REGULATION, ESTABLISH GUIDELINES FOR AND CARRY OUT THE 36 ENFORCEMENT OF THE PROVISIONS OF ARTICLE FOURTEEN-B OF THIS CHAPTER AND 37 SHALL PROVIDE NOTICE TO ALL INSTITUTIONS OF HIGHER EDUCATION OF ANY SUCH 38 RULE OR REGULATION ADOPTED FOR SUCH PURPOSES. 39 S 3. This act shall take effect on the first of July next succeeding 40 the date on which it shall have become a law provided, however, that the 41 adoption, amendment and/or repeal of any rule or regulation necessary 42 for the timely implementation of the provisions of this act is author- 43 ized and directed to be completed on or before such effective date.