New York Assembly Bill A00639 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 639--A 2025-2026 Regular Sessions  IN ASSEMBLY (Prefiled) January 8, 2025 ___________ Introduced by M. of A. KIM, HEVESI, BURDICK, GALLAGHER, GONZALEZ-ROJAS, FORREST, LUCAS, MAMDANI, HYNDMAN, REYES, SAYEGH, TAYLOR -- read once and referred to the Committee on Banks -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee 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 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. Additional materials 14 shall be developed in the same manner regarding public service loan 15 forgiveness or repayment programs. 16 2. Every employer in the state shall provide upon hiring, to any 17 person hired for a post-graduate internship or an entry-level position 18 of employment that requires an associate's degree or higher, on or after 19 the effective date of this section a notice with regard to repayment of 20 student loans developed in accordance with this section, provided that EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00228-03-5 
 A. 639--A 2 1 public employers shall additionally provide a notice regarding public 2 service loan forgiveness or repayment programs. 3 3. (a) "Student loan" means any loan to a borrower to finance post- 4 secondary education or expenses related to post-secondary education. 5 (b) "Borrower" means any resident of this state who has received a 6 student loan or agreed in writing to pay a student loan or any person 7 who shares a legal obligation with such resident for repaying a student 8 loan. 9 § 2. This act shall take effect on the one hundred eightieth day after 10 it shall have become a law. Effective immediately, the addition, amend- 11 ment and/or repeal of any rule or regulation necessary for the implemen- 12 tation of this act on its effective date are authorized to be made and 13 completed on or before such effective date.