Bill Text: NY S05120 | 2017-2018 | General Assembly | Amended

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Bill Title: Establishes a private student loan refinance task force to study and report on ways lending institutions offering private student loans to graduates of institutions of higher education can be encouraged to establish student loan refinancing programs.

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Engrossed - Dead) 2018-06-07 - referred to higher education [S05120 Detail]

Download: New_York-2017-S05120-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         5120--A
            Cal. No. 241
                               2017-2018 Regular Sessions
                    IN SENATE
                                      March 8, 2017
                                       ___________
        Introduced by Sens. HAMILTON, HELMING -- read twice and ordered printed,
          and  when printed to be committed to the Committee on Higher Education
          -- recommitted to the Committee on Higher Education in accordance with
          Senate Rule 6, sec. 8  --  reported  favorably  from  said  committee,
          ordered  to first and second report, amended on second report, ordered
          to a third reading, and to be  reprinted  as  amended,  retaining  its
          place in the order of third reading
        AN  ACT  to  establish  a private student loan refinance task force; and
          providing for the repeal of such provisions upon expiration thereof
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1. There is hereby established the private student loan refi-
     2  nance task force. The purpose of such task force is to study and analyze
     3  ways lending institutions that offer private student loans to  New  York
     4  graduates  of  institutions  of  higher  education can be incentives and
     5  encouraged to create student loan refinance programs.
     6    § 2. The private student loan refinance task force shall consist of 11
     7  members and shall include: the state comptroller or his or her designee,
     8  the superintendent of financial services or his  or  her  designee,  the
     9  president  of  the  higher  education services corporation or his or her
    10  designee, the chairs and ranking minority  members  of  the  senate  and
    11  assembly  committees  on  higher  education  or  their  designees, and 4
    12  members appointed by the governor from lending institutions in New  York
    13  that  offer  private  student  loans. All appointments of members of the
    14  private student loan refinance task force shall be made  no  later  than
    15  thirty days after the effective date of this act.
    16    §  3. The president of the higher education services corporation shall
    17  be designated as the chairperson of the private student  loan  refinance
    18  task force. The members of the private student loan refinance task force
    19  shall  serve  without compensation, except that members shall be allowed
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09836-03-8
        S. 5120--A                          2
     1  their necessary and actual expenses incurred in the performance of their
     2  duties under this act.
     3    §  4.  The  private  student  loan  refinance task force shall issue a
     4  report of its findings and recommendations to the governor,  the  tempo-
     5  rary  president  of  the senate and the speaker of the assembly no later
     6  than December 31, 2018.
     7    § 5. This act shall take effect immediately and shall  expire  and  be
     8  deemed repealed January 1, 2019.