New York S 5790: Prohibits non-compete agreements and certain restrictive covenants

Bill Text

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S05790 Summary:

BILL NOS05790 

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SAME ASSAME AS A04336

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SPONSORSEPULVEDA

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COSPNSR

&nbsp

MLTSPNSR

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Add §2405-g, Pub Auth L

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Establishes the "New York student loan assistance and home purchase act" for the purposes of facilitating the purchase of homes by individuals who are burdened by student debt, by providing financing opportunities for the consolidation of student debt into a mortgage.

Go to top S05790 Actions:

BILL NOS05790 

&nbsp

03/03/2025REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

05/13/2025REPORTED AND COMMITTED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

01/07/2026REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Go to topS05790 Committee&nbspVotes:

Go to topS05790 Floor&nbspVotes:

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

Go to topS05790 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5790

 2025-2026 Regular Sessions

 IN SENATE

 March 3, 2025
 ___________

 Introduced by Sen. SEPULVEDA -- read twice and ordered printed, and when
 printed to be committed to the Committee on Corporations, Authorities
 and Commissions

 AN ACT to amend the public authorities law, in relation to establishing
 the "New York student loan assistance and home purchase act"

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

 1 Section 1. This act shall be known and may be cited as the "New York
 2 student loan assistance and home purchase act".
 3 § 2. The public authorities law is amended by adding a new section
 4 2405-g to read as follows:
 5 § 2405-g. Student loan assistance and home purchase program. 1. Defi-
 6 nitions. For the purposes of this section, the following terms shall
 7 have the following meanings:
 8 (a) "Program" means the student loan assistance and home purchase
 9 program established pursuant to subdivision two of this section.
 10 (b) "Student loan" means any loan to a borrower to finance post-secon-
 11 dary education or expenses related to post-secondary education. For the
 12 purposes of this section, the term "student loan" shall not be limited
 13 to loans, as such term is defined by subdivision ten of section twenty-
 14 four hundred two of this part.
 15 2. Program established. The agency shall establish a "student loan
 16 assistance and home purchase program", to be administered by the agency,
 17 for the purposes of facilitating the purchase of homes by individuals
 18 who are burdened by student debt, by providing financing opportunities
 19 pursuant to subdivision three of this section. The chair of the agency
 20 shall appoint a director of the program to oversee the implementation of
 21 the program.
 22 3. Student loan assistance and home purchase program; implementation.
 23 (a) The program shall assist individuals who apply and are accepted to
 24 the program pursuant to paragraph (b) of this subdivision, by consol-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08171-01-5

 S. 5790 2

 1 idating all or a portion of such individuals' student loans into such
 2 individuals' mortgages. The program shall be authorized to purchase
 3 mortgages, existing mortgages, and student loans from banks as needed to
 4 effectuate the provisions of this section. There shall be no limit to
 5 the amount of student loan debt that may be incorporated into a mortgage
 6 or existing mortgage pursuant to this section, unless otherwise provided
 7 by state or federal law.
 8 (b) The program shall establish an application process whereby
 9 prospective homeowners who are residents of the state with student debt,
 10 may apply to the program for consolidation of such residents' student
 11 debt with a mortgage or existing mortgage. In considering an applicant
 12 to the program, the program shall not consider foreclosure status, home
 13 cleanliness, or whether the home will be such applicant's first home.
 14 (c) Individuals who are accepted to the program pursuant to this
 15 section shall be required to maintain the purchased home as their prima-
 16 ry residence for no less than five years from the date of closing. The
 17 commissioner of housing and community renewal shall establish penalties
 18 and