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A03495 Summary:

Add §217-a, Lab L
Directs the development of materials to be provided to employees relating to student loan repayment information.
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A03495 Text:

                STATE OF NEW YORK
                               2021-2022 Regular Sessions
                   IN ASSEMBLY
                                    January 27, 2021
        Introduced by M. of A. KIM -- read once and referred to the Committee on
          Banks  --  committee  discharged,  bill  amended, ordered reprinted as
          amended and recommitted  to  said  committee  --  recommitted  to  the
          Committee  on  Banks  in  accordance  with  Assembly Rule 3, sec. 2 --
          committee discharged, bill amended, ordered reprinted as  amended  and
          recommitted to said committee
        AN  ACT  to  amend  the labor law, in relation to student loan repayment
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  The labor law is amended by adding a new section 217-a to
     2  read as follows:
     3    § 217-a. Student loan repayment information to  be  provided.  1.  The
     4  commissioner, in consultation with the president of the higher education
     5  services  corporation,  and  the  superintendent  of financial services,
     6  shall develop a notice, pamphlet or other  written  materials  regarding
     7  responsibilities and repayment options for student loans. Such materials
     8  shall  include  information  about consolidation and alternative federal
     9  student loan repayment plans, including income-based programs,  that  do
    10  not  require  consolidating  existing federal student loans, that may be
    11  available to borrowers. Such materials shall also provide  direction  to
    12  additional  resources including the website for the department of finan-
    13  cial services' student lending resource center.
    14    2. Every employer in the state shall provide information  with  regard
    15  to  repayment  of student loans developed in accordance with subdivision
    16  one of this section, upon employee request.
    17    3. (a) "Student loan" means any loan to a borrower  to  finance  post-
    18  secondary education or expenses related to post-secondary education.
    19    (b)  "Borrower"  means  any  resident of this state who has received a
    20  student loan or agreed in writing to pay a student loan  or  any  person
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        A. 3495--B                          2
     1  who  shares a legal obligation with such resident for repaying a student
     2  loan.
     3    § 2. This act shall take effect on the one hundred eightieth day after
     4  it  shall  have become a law. Effective immediately, any rules and regu-
     5  lations necessary for the timely  implementation  of  this  act  on  its
     6  effective date shall be promulgated on or before such effective date.
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