What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Reported and committed to finance
- Referred to banks
- Returned to senate
- Died in assembly
- Referred to banks
- Delivered to assembly
- Passed senateVote 63–0
- Ordered to third reading cal.1383
- Committee discharged and committed to rules
- Reported and committed to higher education
- Referred to banks
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4598
Title of bill
An act to amend the financial services law, in relation to the truth in student lending clearinghouse program; and to amend the financial services law and the education law, in relation to the student lending transparency program
Purpose
To establish the Student Lending Transparency Program to require the Department of Financial Services to compile data on student loans and make certain information available to the public.
Summary of provisions
Section 1. Amends paragraphs 6 and 7 of subsection (c) of section 301 of the financial services law to authorize the Superintendent to establish and administer the "Student Lending Transparency Program.
Section 2. Amends the financial services law to create a new article 6 to establish the student lending transparency program.
Section 3. Amends section 655 of the education law to add a new subdivision 13 to create a link on the Higher Education Services Corporation's website to the Department of Financial Services' website.
Section 4. Amends the education law to add a new article 14-b to establish the student lending transparency program to ensure that colleges provide the most accurate and transparent information with regard to student loans.
Section 5. Sets forth the effective date.
Justification
This bill would add a new article 6 to the financial services law, and a new article 14-b to the education law, to establish a Student Lending Transparency Program. Pursuant to this program, the Department of Financial Services would be required to compile data on student loans for the purpose of comparing loan rates and repayment plans. The superintendent would be required to take such data and create a list of private lenders who provide the best loan rates and repayment options on student loans and place such list on an easily accessible website with links to the Higher Education Services Corporation's website as well as the websites of other colleges and universities. The list and the website maintained by the department would be updated monthly.
Additionally, colleges and universities would be required to provide prospective and newly enrolled students with clearly outlined and easy to understand information pertaining to the total cost of attendance at their institution. Such information would include the total amount of debt the student would incur and the approximate monthly bill the student would be required to pay upon graduation.
Legislative history
This bill was included as part C of the college affordability package, S.7449A of 2012.
Fiscal implications
None.
Effective date
This act shall take effect on the 180th day after it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.