What's happening
This bill requires employers to give new hires written information about student loan repayment options and resources.
Why it matters
Aims to increase financial literacy among new hires. by ensuring they receive clear, state-approved information about their student loan responsibilities and available repayment plans—potentially helping them avoid costly mistakes or misunderstandings about their loans.
Requires coordination between state agencies. (Labor, Education, and Financial Services) to create standardized, accurate materials, ensuring that the information is up-to-date, comprehensive, and not left to individual employers to interpret or develop.
Explicitly directs new hires to additional, reputable resources. , including the Department of Financial Services’ student lending resource center, which could help borrowers access trustworthy guidance and avoid predatory lenders or misinformation.
Casts a wide net in its definition of “student loan” and “borrower,”. meaning the law would benefit not just traditional student borrowers but also anyone legally obligated to repay a student loan (like co-signers), increasing its potential impact.
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Who cares
Headline styles
Inform New Hires on Student Loans
Plain English, a few words. Used as the page title.
Sponsors
Assembly Member · Assembly District 40
No co-sponsors yet.
History
- Referred to banks
- Referred to banks
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Inform New Hires on Loans
In Senate Committee · Labor · Sponsor Andrew Gounardes
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
7918
2019-2020 Regular Sessions
IN ASSEMBLY
May 28, 2019
Introduced by M. of A. KIM -- read once and referred to the Committee on Banks
AN ACT to amend the labor law, in relation to student loan repayment information
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The labor law is amended by adding a new section 217-a to read as follows:
§ 217-a. Student loan repayment information to be provided. 1. The commissioner, in consultation with the commissioner of education and the superintendent of financial services, shall develop a notice, pamphlet or other written materials regarding responsibilities and repayment options for student loans. Such materials shall include information about consolidation and alternative federal student loan repayment plans, including income-based programs, that do not require consolidating existing federal student loans, that may be available to borrowers. Such materials shall also provide direction to additional resources including the website for the department of financial services' student lending resource center at www.dfs.ny.gov/studentprotection.
2. Every employer in the state shall provide to any person hired on or after the effective date of this section a notice with regard to repayment of student loans developed in accordance with this section.
3. (a) "Student loan" means any loan to a borrower to finance postsecondary education or expenses related to post-secondary education.
(b) "Borrower" means any resident of this state who has received a student loan or agreed in writing to pay a student loan or any person who shares a legal obligation with such resident for repaying a student loan.
§ 2. This act shall take effect on the one hundred eightieth day after it shall have become a law. Effective immediately, any rules and regulations necessary for the timely implementation of this act on its effective date shall be promulgated on or before such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11013-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.