New York S 2680: Relates to private education debt reporting

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. 

 - This bill is not active in this session.

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S02680 Summary:

BILL NOS02680 

&nbsp

SAME ASSAME AS A00431

&nbsp

SPONSORSANDERS

&nbsp

COSPNSRWEBB

&nbsp

MLTSPNSR

&nbsp

Amd Art 9 Art Head, §§901, 902 & 904, Fin Serv L (as proposed in S.8197 & A.8913)

&nbsp

Provides that each student loan servicer shall submit an annual report containing a list of all private education creditors associated with the private education debts serviced by the student loan servicer that are owed by persons who resided in New York during the prior calendar year and containing additional information for each private education creditor reported.

Go to top S02680 Actions:

BILL NOS02680 

&nbsp

01/22/2025REFERRED TO RULES

01/27/2025ORDERED TO THIRD READING CAL.163

02/12/2025SUBSTITUTED BY A431

&nbspA00431 AMEND= Epstein

&nbsp01/08/2025referred to banks

&nbsp01/14/2025reported referred to rules

&nbsp01/28/2025reported 

&nbsp01/28/2025rules report cal.70

&nbsp01/28/2025ordered to third reading rules cal.70

&nbsp02/03/2025passed assembly

&nbsp02/03/2025delivered to senate

&nbsp02/03/2025REFERRED TO RULES

&nbsp02/12/2025SUBSTITUTED FOR S2680

&nbsp02/12/20253RD READING CAL.163

&nbsp02/12/2025PASSED SENATE

&nbsp02/12/2025RETURNED TO ASSEMBLY

&nbsp02/12/2025delivered to governor

&nbsp02/14/2025signed chap.15

Go to topS02680 Committee&nbspVotes:

Go to topS02680 Floor&nbspVotes:

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

Go to topS02680 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2680

 2025-2026 Regular Sessions

 IN SENATE

 January 22, 2025
 ___________

 Introduced by Sen. SANDERS -- read twice and ordered printed, and when
 printed to be committed to the Committee on Rules

 AN ACT to amend the financial services law, in relation to private
 education debt reporting

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

 1 Section 1. The article heading of article 9 and sections 901, 902 and
 2 904 of the financial services law, as added by a chapter of the laws of
 3 2024 amending the financial services law relating to creating a private
 4 education debt registry, as proposed in legislative bills numbers S.
 5 8197 and A. 8913, are amended to read as follows:
 6 ARTICLE 9
 7 PRIVATE EDUCATION DEBT [REGISTRY] REPORTING

 8 § 901. Definitions. As used in this article:
 9 1.[ "Fiscal year" means the twelve-month period that the private
 10 education creditor uses for financial reporting and budgeting.
 11 2.] "Higher education" means higher education[, including] or career
 12 education, as those terms are defined in section two of the education
 13 law, via correspondence, online, or in person, regardless of whether the
 14 provider of such higher education [institution] is [accredited] located
 15 within New York state.
 16 [3.] 2. "Higher education expense" means any expense that is incurred
 17 by a consumer arising from higher education.
 18 3. "Student loan servicer" has the same meaning as such term is
 19 defined in subdivision six of section seven hundred ten of the banking
 20 law.
 21 4. "Private education creditor" means any person engaged in the busi-
 22 ness of [securing, making, or] extending a private education debt[, or
 23 any holder of a private education debt, including providers of higher
 24 education to which a student education debt is owed. "Private education

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02724-01-5

 S. 2680 2

 1 creditor" shall not include the following persons, only to the extent
 2 that state regulation is preempted by federal law:
 3 (a) any federally chartered bank, savings bank, savings and loan asso-
 4 ciation, or credit union;
 5 (b) any bank, savings bank, savings and loan association, or credit
 6 union organized under the laws of this or any other state;
 7 (c) any wholly owned subsidiary of a federally chartered bank or cred-
 8 it union; and
 9 (d) any operating subsidiary where each owner of the operating subsid-
 10 iary is wholly owned by the same federally chartered bank or credit
 11 union].
 12 5. "Private education debt" means an extension of credit to or debt or
 13 obligation owed or incurred by a consumer