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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          5120
                               2017-2018 Regular Sessions
                    IN SENATE
                                      March 8, 2017
                                       ___________
        Introduced  by Sen. HAMILTON -- read twice and ordered printed, and when
          printed to be committed to the Committee on Higher Education
        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
    20  their necessary and actual expenses incurred in the performance of their
    21  duties under this act.
    22    §  4.  The  private  student  loan  refinance task force shall issue a
    23  report of its findings and recommendations to the governor,  the  tempo-
    24  rary  president  of  the senate and the speaker of the assembly no later
    25  than December 31, 2017.
    26    § 5. This act shall take effect immediately and shall  expire  and  be
    27  deemed repealed January 1, 2018.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09836-02-7