S 5598 NY
Relates to protections for private education loan borrowers and cosigners
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Summary
This bill enacts protections for private education loan borrowers and cosigners. It requires creditors and debt collectors to provide certain notifications to borrowers. The bill prohibits loan acceleration (making the full loan balance due immediately upon default) and establishes provisions allowing cosigners to be released from their obligation on the loans. The bill provides consumer protections for private student loans.
AI-generated plain-language summary of the bill (from the OpenStates abstract — no full text available yet) — neutral, and may be imperfect.
Official abstract
Enacts protections for private education loan borrowers and cosigners; requires certain notifications from creditors and debt collectors; prohibits acceleration; enacts provisions for cosigner release.
Sponsor (1)
- Rachel May Democratic · primary
2 coauthors / cosponsors
- Cordell Cleare Democratic · cosponsor
- Robert Jackson Democratic · cosponsor
Action history (29)
- Feb 25, 2025 REFERRED TO CONSUMER PROTECTION · upper
- May 6, 2025 1ST REPORT CAL.945 · upper
- May 7, 2025 2ND REPORT CAL. · upper
- May 8, 2025 ADVANCED TO THIRD READING · upper
- Jun 12, 2025 PASSED SENATE · upper
- Jun 12, 2025 DELIVERED TO ASSEMBLY · upper
- Jun 12, 2025 REFERRED TO CONSUMER AFFAIRS AND PROTECTION · lower
- Jan 7, 2026 DIED IN ASSEMBLY · lower
- Jan 7, 2026 RETURNED TO SENATE · lower
- Jan 7, 2026 REFERRED TO CONSUMER PROTECTION · upper
- Jan 21, 2026 AMEND AND RECOMMIT TO CONSUMER PROTECTION · upper
- Jan 21, 2026 PRINT NUMBER 5598A · upper
- Mar 17, 2026 1ST REPORT CAL.543 · upper
- Mar 18, 2026 2ND REPORT CAL. · upper
- Mar 19, 2026 ADVANCED TO THIRD READING · upper
- Apr 20, 2026 PASSED SENATE · upper
- Apr 20, 2026 DELIVERED TO ASSEMBLY · upper
- Apr 20, 2026 REFERRED TO CODES · lower
- May 27, 2026 RECALLED FROM ASSEMBLY · upper
- May 27, 2026 RETURNED TO SENATE · lower
- May 27, 2026 VOTE RECONSIDERED - RESTORED TO THIRD READING · upper
- May 27, 2026 AMENDED ON THIRD READING 5598B · upper
- Jun 1, 2026 REPASSED SENATE · upper
- Jun 1, 2026 RETURNED TO ASSEMBLY · upper
- Jun 1, 2026 REFERRED TO WAYS AND MEANS · lower
- Jun 2, 2026 SUBSTITUTED FOR A4922C · lower
- Jun 2, 2026 ORDERED TO THIRD READING RULES CAL.336 · lower
- Jun 2, 2026 PASSED ASSEMBLY · lower
- Jun 2, 2026 RETURNED TO SENATE · lower
Full text
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