S362

The New York State Senate passed Senate Print 362, sponsored by Sen. Gianaris, an act to amend the General Business Law. The bill passed on a roll call vote, 44-17, with an effective date of January 1. Seventeen senators voted in opposition: Ashby, Canzoneri-Fitzpatrick, Chan, Harckham, Hinchey, Lanza, Mattera, Oberacker, Ortt, Palumbo, Rhoads, Rolison, C. Ryan, Stec, Tedisco, Walczyk and Weik. No debate was recorded on the measure.

The Senate passed Senate Print 362, sponsored by Senator Thomas, which amends the General Business Law. The bill received 51 affirmative votes and 7 negative votes. Senators Borrello, Helming, Oberacker, O'Mara, Ortt, Stec and Tedisco voted against the measure. The bill takes effect 60 days after becoming law.

The New York State Senate passed legislation addressing the student loan debt crisis by strengthening protections for cosigners of private student loans. Senate Print 362, sponsored by Sen. Thomas, passed 53-6 on a roll call vote. The bill mandates enhanced disclosures from private student loan servicers, prohibits permanent bars to cosigner release, limits consecutive on-time payment requirements to 12 months, and grants borrowers appeal rights when release requests are denied. Sen. Thomas noted that 44 million Americans owe $1.7 trillion in federal student loan debt, with New York borrowers holding an estimated $100 billion in outstanding education debt. He cited complaints from cosigners—often parents and grandparents—who have been unable to access loan documentation, receive accurate payment information, or obtain cosigner release, with servicers rejecting 90 percent of cosigner release applications according to Consumer Financial Protection Bureau data. Senators Borrello, Helming, O'Mara, Ortt, Stec, and Walczyk voted against the measure. The bill takes effect 60 days after becoming law.