New York S 7458: Relates to recoverability of sovereign debt

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 
S07458 Summary:

BILL NOS07458 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORHOYLMAN-SIGAL

&nbsp

COSPNSRCLEARE, COMRIE, KRUEGER, LIU, RAMOS, RYAN S, SALAZAR, SANDERS, SEPULVEDA, STAVISKY, WEBB

&nbsp

MLTSPNSR

&nbsp

Add Art 10-B §§287-a - 287-b, D & C L

&nbsp

Relates to New York state's support of international debt relief initiatives for certain developing countries.

Go to top S07458 Actions:

BILL NOS07458 

&nbsp

04/16/2025REFERRED TO JUDICIARY

Go to topS07458 Committee&nbspVotes:

Go to topS07458 Floor&nbspVotes:

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

Go to topS07458 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7458

 2025-2026 Regular Sessions

 IN SENATE

 April 16, 2025
 ___________

 Introduced by Sens. HOYLMAN-SIGAL, CLEARE, COMRIE, KRUEGER, LIU, RAMOS,
 S. RYAN, SALAZAR, SANDERS, SEPULVEDA, STAVISKY, WEBB -- read twice and
 ordered printed, and when printed to be committed to the Committee on
 Judiciary

 AN ACT to amend the debtor and creditor law, in relation to the recover-
 ability of sovereign debt

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

 1 Section 1. Legislative findings and intent. The legislature finds that
 2 it is a longstanding policy of the United States and the state of New
 3 York, as the world's leading financial center, to support orderly,
 4 collaborative and effective international debt relief for developing
 5 countries with unsustainable levels of debt. Debt distress, debt crises,
 6 and disorderly default are associated with unacceptable human suffering,
 7 economic decline, and financial market and payment systems disruption.
 8 Moreover, debt restructuring is ineffective and does not lead to
 9 sustainable outcomes when it is not perceived as equitable or legitimate
 10 by stakeholders in borrowing and lending countries. Additionally, public
 11 creditors are unlikely to participate in debt restructuring initiatives
 12 unless there is fair burden sharing among all public and private credi-
 13 tors, which is essential to the legitimacy and effectiveness of debt
 14 relief initiatives. The United Kingdom has successfully implemented
 15 legislation to promote such burden-sharing in support of international
 16 debt relief initiatives since 2010. Therefore, the legislature finds and
 17 declares that it shall be the policy of the state of New York to support
 18 international debt relief initiatives for developing countries in, or at
 19 high risk of, debt distress, to ensure that the cost of such debt relief
 20 is allocated in a fair and equitable manner, and that such costs do not
 21 fall disproportionately on the residents and taxpayers of the state of
 22 New York, and for other purposes.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05664-02-5

 S. 7458 2

 1 § 2. The debtor and creditor law is amended by adding a new article
 2 10-B to read as follows:
 3 ARTICLE 10-B
 4 RECOVERABILITY OF SOVEREIGN DEBT
 5 Section 287-a. Definitions.
 6 287-b. Recoverability of eligible claims.
 7 § 287-a. Definitions. As used in this article, the following terms
 8 shall have the following meanings:
 9 1. "International initiative" means any mechanism, framework or initi-
 10 ative in which the United States government and other sovereign states
 11 have engaged with international financial institutions and official and
 12 commercial creditors to advance the implementation and improvement of
 13 prompt and effective debt relief among eligible states, including but
 14 not limited to the Heavily Indebted Poor Countries Initiative of the
 15 International Monetary Fund and the World Bank, the Debt Service Suspen-
 16 sion Initiative of the Group of 20, the Common Framework for Debt Treat-
 17 ments beyond the DSSI, also known as the "Common Framework", and any
 18 successor or similar international mechanism, framework or initiatives.
 19 2. "Eligible claim" shall mean a payment claim for borrowed money, a
 20 guarantee or similar obligation with respect to borrowed money, any
 21 debt-equivalent claim, and any domestic or foreign judgment with respect
 22 to such a claim agains