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NY A04634
Bill
Status
2/4/2011
Primary Sponsor
Peter Rivera
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AI Summary
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Requires all higher education institutions to interview withdrawing students to determine if credit card debt caused the withdrawal and maintain records of those cases.
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Mandates annual reporting by October 15th to the Governor and legislative leaders on the number of students withdrawing due to credit card debt, with reporting requirement expiring October 16, 2014.
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Requires institutions to provide a mandatory credit course during new student orientation covering the implications of establishing a bad credit rating.
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Prohibits credit card issuers from offering incentives to students on campus to apply for credit cards and requires issuers to register with institutions and provide debt education materials at solicitation sites.
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Takes effect 90 days after enactment.
Legislative Description
Requires every institution of higher education in the state to interview students who withdraw to determine whether such withdrawal is the result of credit card debt incurred by the student; requires such institutions to annually report to the governor, temporary president of the senate and speaker of the assembly on the number of students who withdraw because of credit card debt; requires that course of instruction on the implications of establishing a bad credit rating be given to newly entering students; requires such institutions to regulate the conduct of issuers of credit cards while on campus.
Last Action
enacting clause stricken
9/4/2012