New York S 3772: Establishes a student loan borrower bill of rights

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S03772 Summary:

BILL NOS03772 

&nbsp

SAME ASSAME AS A01146

&nbsp

SPONSORCOMRIE

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §684, Ed L

&nbsp

Establishes the student loan borrower bill of rights to protect borrowers and ensure that student loan servicers act more as loan counselors than debt collectors.

Go to top S03772 Actions:

BILL NOS03772 

&nbsp

01/29/2025REFERRED TO HIGHER EDUCATION

01/07/2026REFERRED TO HIGHER EDUCATION

Go to topS03772 Committee&nbspVotes:

Go to topS03772 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS03772 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3772

 2025-2026 Regular Sessions

 IN SENATE

 January 29, 2025
 ___________

 Introduced by Sen. COMRIE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Higher Education

 AN ACT to amend the education law, in relation to creating a student
 loan borrower bill of rights

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The education law is amended by adding a new section 684 to
 2 read as follows:
 3 § 684. Student loan borrower bill of rights. 1. Definitions. As used
 4 in this section:
 5 (a) "Servicing" shall mean receiving a scheduled periodic payment from
 6 a borrower pursuant to the terms of a loan, including amounts for escrow
 7 accounts, and making the payments to the owner of the loan or other
 8 third party of principal and interest and other payments with respect to
 9 the amounts received from the borrower as may be required pursuant to
 10 the terms of the servicing loan document or servicing contract. In the
 11 case of a home equity conversion mortgage or reverse mortgage as refer-
 12 enced in this section, servicing includes making payments to the borrow-
 13 er. In the case of a student education loan as referenced in this
 14 section, servicing includes applying the payments of principal and
 15 interest and other such payments with respect to the amounts received
 16 from a student loan borrower as may be required pursuant to the terms of
 17 a student education loan and performing other administrative services
 18 with respect to a student education loan.
 19 (b) "Student education loan" shall mean any loan primarily used to
 20 finance education or other school-related expenses.
 21 (c) "Student loan borrower" shall mean any resident of New York who
 22 has received or agreed to pay a student education loan, or any person
 23 who shares responsibility with such New York resident for repaying the
 24 student education loan.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02826-01-5

 S. 3772 2

 1 (d) "Student loan servicer" shall mean any person responsible for the
 2 servicing of a student education loan to a student loan borrower.
 3 2. Loan ombudsperson. (a) There is hereby established the position of
 4 the student loan ombudsperson, within the department of financial
 5 services, to be appointed by the commissioner to provide timely assist-
 6 ance to any student loan borrower who has a student education loan.
 7 (b) The student loan ombudsperson shall work in consultation with the
 8 commissioner. The responsibilities of the student loan ombudsperson will
 9 include, but not be limited to:
 10 (i) receiving, reviewing and assisting in resolving complaints from
 11 student loan borrowers, including, but not limited to, attempting to
 12 resolve such complaints in collaboration with institutions of higher
 13 education, student loan servicers, and any other participants in student
 14 loan lending, including, but not limited to, the state university of New
 15 York, and the department;
 16 (ii) compiling and analyzing data on student loan borrower complaints
 17 and any subsequent resolutions;
 18 (iii) assisting student loan borrowers to understand their rights and
 19 responsibilities under the terms of student education loans;
 20 (iv) providing information to the public regarding the problems and
 21 concerns of student loan borrowers;
 22 (v) making recommendations to the commissioner for resolving such
 23 problems and concerns;
 24 (vi) analyzing and monitoring the development