New York S 4243: Relates to the use of bicycles for commercial purposes

Bill Text

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S04243 Summary:

BILL NOS04243 

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SAME ASNo Same As

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SPONSORPARKER

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COSPNSR

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MLTSPNSR

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Add §681-b, Ed L

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Creates an income driven repayment plan for private student loans held by New York state banking institutions.

Go to top S04243 Actions:

BILL NOS04243 

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02/03/2025REFERRED TO HIGHER EDUCATION

01/07/2026REFERRED TO HIGHER EDUCATION

Go to topS04243 Committee&nbspVotes:

Go to topS04243 Floor&nbspVotes:

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

Go to topS04243 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4243

 2025-2026 Regular Sessions

 IN SENATE

 February 3, 2025
 ___________

 Introduced by Sen. PARKER -- 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 an income
 driven repayment plan for private student loans held by New York state
 banking institutions

 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 681-b
 2 to read as follows:
 3 § 681-b. Income-based repayment plan. 1. Definitions. As used in this
 4 section:
 5 (a) "Adjusted gross income" or "AGI" shall mean the adjusted gross
 6 income as reported on the borrower's latest available state income tax
 7 return subject to any subsequent amendments or revisions. For a married
 8 borrower, filing jointly, AGI includes both the borrower's and spouse's
 9 income. For a married borrower filing separately, AGI includes only the
 10 borrower's income.
 11 (b) "Eligible loan" shall mean any outstanding loan made by a private
 12 lender through a New York banking institution to a student who is a
 13 resident of and has attended an institution in this state or a parent of
 14 such a student.
 15 (c) "Family size" shall mean the number that is determined by counting
 16 the borrower, the borrower's spouse, and the borrower's children,
 17 including unborn children who will be born during the year the borrower
 18 certifies family size, if the children receive more than half their
 19 support from the borrower. A borrower's family size includes other indi-
 20 viduals if, at the time the borrower certifies family size, the other
 21 individuals:
 22 (i) Live with the borrower; and
 23 (ii) Receive more than half their support from the borrower and will
 24 continue to receive this support from the borrower for the year the

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07931-01-5

 S. 4243 2

 1 borrower certifies family size. Support includes money, gifts, loans,
 2 housing, food, clothes, care, medical and dental care, and payment of
 3 college costs.
 4 (d) "Partial financial hardship" shall mean a circumstance in which:
 5 (i) For an unmarried borrower or a married borrower who files an indi-
 6 vidual state tax return, the annual amount due on all the borrower's
 7 eligible loans, as calculated under a ten-year standard repayment plan
 8 using the greater of the amount due at the time the borrower initially
 9 entered repayment or at the time the borrower elects the income-based
 10 repayment plan, exceeds fifteen percent of the difference between the
 11 borrower's AGI and one hundred fifty percent of the poverty guideline
 12 for the borrower's family size; or
 13 (ii) For a married borrower who files a state tax return with their
 14 spouse, the annual amount due on all of the borrower's eligible loans
 15 and, if applicable, the spouse's eligible loans, as calculated under a
 16 ten-year standard repayment plan, using the greater of the amount due at
 17 the time the loans initially entered repayment or at the time the
 18 borrower or spouse elects the income-based repayment plan, exceeds
 19 fifteen percent of the difference between the borrower's and spouse's
 20 AGI, and one hundred fifty percent of the poverty guideline for the
 21 borrower's family size.
 22 (e) "Poverty guideline" shall mean the income categorized by the state
 23 and family size in the poverty guidelines published annually by the
 24 United States department of health and human services and posted on the