A 639: Directs the development of materials to be provided to new employees relating to student loan repayment information.
The state of New York is introducing a new law to provide information to borrowers about student loan repayment options. The law requires the state to develop written materials, including a notice and pamphlet, that explain responsibilities and repayment options for student loans. These materials will include information about consolidation and alternative federal student loan repayment plans, such as income-based programs, that do not require consolidating existing federal student loans. The law also requires employers to provide a notice to new hires about repayment of student loans, including those for post-graduate internships or entry-level positions that require an associate's degree or higher. Additionally, public employers must provide a notice regarding public service loan forgiveness or repayment programs. The law takes effect 180 days after it becomes law, and allows for the…
| Jan. 07, 2026 | referred to banks |
| Feb. 26, 2025 | amend (t) and recommit to banks |
| Feb. 26, 2025 | print number 639a |
| Jan. 08, 2025 | referred to banks |
STATE OF NEW YORK ________________________________________________________________________ 639 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 AN ACT to amend the labor law, in relation to public service loan forgiveness program 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 1003 to 2 read as follows: 3 § 1003. Public service loan forgiveness program information to be 4 provided. 1. The commissioner, in consultation with the president of the 5 higher education services corporation, and the superintendent of finan- 6 cial services, shall develop a notice, pamphlet or other written materi- 7 als regarding responsibilities and repayment options relating to the 8 public service loan forgiveness program. Such materials shall also 9 provide direction to additional resources for such program. 10 2. Every public service employer in the state shall, upon hiring, 11 provide to any person hired for a post-graduate internship or an entry- 12 level position of employment that requires an associate's degree or 13 higher on or after the effective date of this section, the notice, 14 pamphlet or other materials developed under subdivision one of this 15 section. 16 § 2. This act shall take effect on the one hundred eightieth day after 17 it shall have become a law. Effective immediately, the addition, amend- 18 ment and/or repeal of any rule or regulation necessary for the implemen- 19 tation of this act on its effective date are authorized to be made and 20 completed on or before such effective date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD00228-01-5