New York A 639: Relates to requiring new employees to be provided certain information relating to student loan repayment information

Bill Text

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 Speaker Carl E. Heastie

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A00639 Summary:

BILL NOA00639A

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SAME ASSAME AS S01673

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SPONSORKim

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COSPNSRHevesi, Burdick, Gallagher, Gonzalez-Rojas, Forrest, Lucas, Mamdani, Hyndman, Reyes, Sayegh, Taylor

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MLTSPNSR

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Add §271-a, Lab L

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Directs the development of materials to be provided to new employees relating to student loan repayment information.

Go to top A00639 Actions:

BILL NOA00639A

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01/08/2025referred to banks

02/26/2025amend (t) and recommit to banks

02/26/2025print number 639a

01/07/2026referred to banks

Go to topA00639 Committee&nbspVotes:

Go to topA00639 Floor&nbspVotes:

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

Go to topA00639 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 639--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by M. of A. KIM, HEVESI, BURDICK, GALLAGHER, GONZALEZ-ROJAS,
 FORREST, LUCAS, MAMDANI, HYNDMAN, REYES, SAYEGH, TAYLOR -- read once
 and referred to the Committee on Banks -- committee discharged, bill
 amended, ordered reprinted as amended and recommitted to said commit-
 tee

 AN ACT to amend the labor law, in relation to student loan repayment
 information

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

 1 Section 1. The labor law is amended by adding a new section 217-a to
 2 read as follows:
 3 § 217-a. Student loan repayment information to be provided. 1. The
 4 commissioner, in consultation with the president of the higher education
 5 services corporation, and the superintendent of financial services,
 6 shall develop a notice, pamphlet or other written materials regarding
 7 responsibilities and repayment options for student loans. Such materials
 8 shall include information about consolidation and alternative federal
 9 student loan repayment plans, including income-based programs, that do
 10 not require consolidating existing federal student loans, that may be
 11 available to borrowers. Such materials shall also provide direction to
 12 additional resources including the website for the department of finan-
 13 cial services' student lending resource center. Additional materials
 14 shall be developed in the same manner regarding public service loan
 15 forgiveness or repayment programs.
 16 2. Every employer in the state shall provide upon hiring, to any
 17 person hired for a post-graduate internship or an entry-level position
 18 of employment that requires an associate's degree or higher, on or after
 19 the effective date of this section a notice with regard to repayment of
 20 student loans developed in accordance with this section, provided that

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00228-03-5

 A. 639--A 2

 1 public employers shall additionally provide a notice regarding public
 2 service loan forgiveness or repayment programs.
 3 3. (a) "Student loan" means any loan to a borrower to finance post-
 4 secondary education or expenses related to post-secondary education.
 5 (b) "Borrower" means any resident of this state who has received a
 6 student loan or agreed in writing to pay a student loan or any person
 7 who shares a legal obligation with such resident for repaying a student
 8 loan.
 9 § 2. This act shall take effect on the one hundred eightieth day after
 10 it shall have become a law. Effective immediately, the addition, amend-
 11 ment and/or repeal of any rule or regulation necessary for the implemen-
 12 tation of this act on its effective date are authorized to be made and
 13 completed on or before such effective date.

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