Bill Text: NY A05423 | 2021-2022 | 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: Partisan Bill (Democrat 9-0)

Status: (Introduced - Dead) 2021-06-01 - substituted by s2767a [A05423 Detail]

Download: New_York-2021-A05423-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         5423--A

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                    February 16, 2021
                                       ___________

        Introduced  by  M. of A. CRUZ -- 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  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  non-federal  student  loans  to
     4  students  of  New York institutions of higher education can be incentiv-
     5  ized and encouraged to create student loan refinance programs.
     6    § 2. The private student loan refinance task force shall consist of 11
     7  members as follows:  the superintendent of financial services or his  or
     8  her designee, the president of the higher education services corporation
     9  or  his  or  her  designee, three members appointed by the governor, two
    10  members appointed by the temporary president of the senate,  one  member
    11  appointed by the minority leader of the senate, two members appointed by
    12  the  speaker  of  the assembly, and one member appointed by the minority
    13  leader of the assembly. The appointed  members  shall  include,  to  the
    14  extent  practicable,  individuals representative of lending institutions
    15  and the consumer protection community.  All appointments of  members  of
    16  the  private  student  loan  refinance task force shall be made no later
    17  than 90 days after the effective date of this act.
    18    § 3. The president of the higher education services corporation  shall
    19  be  designated  as the chairperson of the private student loan refinance
    20  task force. The members of the private student loan refinance task force
    21  shall serve without compensation, except that members shall  be  allowed
    22  their necessary and actual expenses incurred in the performance of their
    23  duties under this act.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06906-02-1
        A. 5423--A                          2

     1    §  4.  The  private  student  loan  refinance task force shall issue a
     2  report of its findings and recommendations to the governor,  the  tempo-
     3  rary  president  of  the senate and the speaker of the assembly no later
     4  than December 31, 2022.
     5    §  5.  This  act shall take effect immediately and shall expire and be
     6  deemed repealed January 1, 2023.