Bill Text: NY S04848 | 2013-2014 | General Assembly | Introduced

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Bill Title: Protects six month "grace period" for borrowers of student loans called to active duty who resume education program.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2014-06-11 - referred to higher education [S04848 Detail]

Download: New_York-2013-S04848-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4848
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                    April 26, 2013
                                      ___________
       Introduced  by  Sen. LATIMER -- read twice and ordered printed, and when
         printed to be committed to the Committee on Veterans, Homeland Securi-
         ty and Military Affairs
       AN ACT to amend the education law, in  relation  to  student  loans  for
         persons in military service
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 693 of the education law is amended by adding a new
    2  subdivision 17 to read as follows:
    3    17. THE "GRACE PERIOD" FOR REPAYMENT OF A LOAN ESTABLISHED PURSUANT TO
    4  SUBDIVISION TWO OF THIS SECTION SHALL NOT APPLY TO A  BORROWER  WHO  IS:
    5  (A)  A  MEMBER  OF  THE NATIONAL GUARD OR OTHER RESERVE COMPONENT OF THE
    6  ARMED FORCES OF THE UNITED STATES AND IS CALLED  OR  ORDERED  TO  ACTIVE
    7  DUTY,  AS  DEFINED  IN  10 USC S 101(D)(1), OR (B) A MEMBER OF THE STATE
    8  ORGANIZED MILITIA, AND IS CALLED OR  ORDERED  TO  ACTIVE  DUTY  FOR  THE
    9  STATE, AS DEFINED IN SUBDIVISION ONE OF SECTION SIX OF THE MILITARY LAW,
   10  AND  AS  A  RESULT  IS  COMPELLED TO TERMINATE HIS COLLEGE OR VOCATIONAL
   11  INSTITUTION PROGRAM. SHOULD THE BORROWER RETURN TO A  COLLEGE  OR  VOCA-
   12  TIONAL  INSTITUTION UPON TERMINATION OF HIS MILITARY SERVICE, THE "GRACE
   13  PERIOD" ESTABLISHED PURSUANT TO SUBDIVISION TWO OF  THIS  SECTION  SHALL
   14  THEN  BE  AVAILABLE  TO  THE  BORROWER UPON COMPLETION OF HIS COLLEGE OR
   15  VOCATIONAL INSTITUTION PROGRAM.
   16    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09479-01-3