New York Assembly Bill A02180 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 2180 2025-2026 Regular Sessions  IN ASSEMBLY January 15, 2025 ___________ Introduced by M. of A. HYNDMAN -- read once and referred to the Commit- tee on Higher Education AN ACT to amend the education law, in relation to licensed private career schools with gross tuition of less than one hundred thousand dollars; and providing for the repeal of such provisions upon expira- tion thereof The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph e of subdivision 4 of section 5001 of the educa- 2 tion law is amended by adding a new subparagraph (iv) to read as 3 follows: 4 (iv) Schools whose gross tuition is less than one hundred thousand 5 dollars in a school fiscal year and which receive less than one hundred 6 thousand dollars in state and federal student financial aid in a school 7 fiscal year shall file with the commissioner an unaudited financial 8 statement in a format prescribed by the commissioner, provided, however, 9 that for such schools, audited financial statements shall be required 10 every three years, at minimum, with reviewed financial statements 11 allowed during the years where an audited financial statement is not 12 filed. Upon a determination by the commissioner that a school has 13 submitted false or inaccurate statements or that a significant, unsub- 14 stantiated decline in gross tuition has occurred, the commissioner may 15 require any such school to file an audited financial statement pursuant 16 to this paragraph even during years when reviewed statements would ordi- 17 narily be allowed. 18 § 2. This act shall take effect immediately and shall expire and be 19 deemed repealed 5 years after such date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04991-01-5