NY A05517

Creates the "Proprietary College Tuition Reimbursement Account" funded by annual fees assessed on for-profit degree-granting colleges based on gross annual income, ranging from $1,000 (income under $200,000) to $20,000 (income $10 million or above), payable in quarterly installments

Allows current and former students of proprietary colleges to file complaints and receive tuition refunds (up to full tuition paid) if they can demonstrate fraud, regulatory violations, felony convictions by college leadership, or institutional incompetence affecting their program

Establishes a 6-year statute of limitations for filing complaints, with refund requests to be processed within 30 business days (or 90 days for college closures)

Caps the account balance at $3 million, with excess funds directed to department supervision and regulation activities; colleges that have paid 16 or more quarterly assessments may have payments suspended when the balance exceeds $3 million

Allocates up to $1 million annually from the state general fund for investigating student complaints, and up to $200,000 from the account for securing and digitizing student transcripts from closed colleges