Add Art 42 §§1100 - 1108, Gen Bus L; amd §105, CPLR
Enacts protections for private education loan borrowers and cosigners; requires certain notifications from creditors and debt collectors; prohibits acceleration; enacts provisions for cosigner release.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A3155A
SPONSOR: Zebrowski TITLE OF BILL:
An act to amend the general business law and the civil practice law and
rules, in relation to protecting private education loan borrowers and
cosigners
PURPOSE GENERAL IDEA OF BILL:
To extend long-term protections to private student loan borrowers.
SUMMARY OF PROVISIONS:
Section one of the bill creates a new article 42 in the general business
law entitled "Private Education Loan Protections."
Section 1100 of the new article includes definitions for "private educa-
tion loan," "private education lender," "borrower," "cosigner,"
"original creditor," "creditor," "debt collector," and "higher education
expense."
Section 1101 of the new article states the applicability of this article
to private education lenders and any person or entity that contracts
with a private education lender or servicer to service the loan.
Section 1102 of the new article exempts banks, credit unions, and their
subsidiaries from the obligations of this article to the extent that
state regulation is preempted by federal law.
Section 1103 of the new article lists the provisions applicable to
cosigners. Lenders will need to provide cosigner applicants information
about their rights, annual notices regarding cosigner release, notifica-
tion when borrower and cosigner have met the requirements for cosigner
release, and timely notification if borrower has submitted an incomplete
application for cosigner release or if borrower and cosigner have been
approved or denied for cosigner release. Lenders shall not impose any
restrictions that permanently bar a borrower from qualifying from cosig-
ner release. The borrower has the right to request an appeal of a lend-
er's determination to deny the cosigner release. The lender must provide
the cosigner with access to all documents and records related to the
cosigned private education loan.
Section 1104 of the new article prohibits the acceleration of payments
on a private education loan.
Section 1105 of the new article requires that in the first debt
collection communication, the creditor or debt collector must provide
certain information to the borrower or cosigner including the name of
the owner of the private education loan debt, the original creditor's
name and account number, and the total outstanding amount owed. Other
documents include a schedule of all transactions to the account and a
copy of all pages of the contract.
Section 1106 requires creditors and debt collectors to have certain
information related to the private education loan debt in their
possession prior to collecting or attempting to collect the private
education loan debt.
Section 1007 of the new article states that all private education lend-
ers, creditors, and debt collectors shall comply with the provisions of
this article. The attorney general can bring an action against a non-
compliant creditor to recover or obtain actual damages, correction of
that person's credit report, injunctive relief, and any other relief the
court deems proper.
Section 1108 of the new article authorizes the attorney general to
promulgate the rules and regulations of the article. The superintendent
is also authorized to make such rulings, demands, and findings they deem
necessary for the improper conduct of the private education loan indus-
try.
Section two of the bill amends the definition of "original creditor"
found in section 105 of the civil practice law and rules so that, in the
case of an action arising from a private education loan only, that term
shall mean the name of the creditor listed on the original promissory
note or loan agreement.
Section three of the bill is the severability clause. Section four of
the bill states the effective date.
JUSTIFICATION:
Borrowers with private education loans face a wide range of unique chal-
lenges when managing student debt. These loans often have extremely high
interest rates and no flexible or affordable repayment options, leaving
borrowers with little recourse when faced with a financial shock or
unemployment. When borrowers fall behind on this debt, they often face
aggressive debt collection tactics and lawsuits, all without the benefit
of the type of bankruptcy protection available to consumers with other
types of debt.
Law enforcement officials have brought significant federal and state
litigation alleging predatory lending by the largest private education
lenders and alleging abusive collections, robo-signing, and illegal
pursuit of invalid debts by collectors, investors, and servicers. As
recently as March 5, 2021, in an action brought by the Washington Attor-
ney General, a judge found that one private student loan servicer,
Navient, violated the law by effectively barring cosigners from release
from their loans after having promoted the availability of release to
encourage consumers to cosign loans.
Specifically, the court found that, among other things, the company
counted payments in such a way that they were not considered to be on
time for the purpose of cosigner release, offered forbearances and other
borrowers assistances without informing the borrower or cosigner that
accepting would prevent the cosigner from being released, and generally
misrepresented the terms of cosigner release to borrowers and cosigners.
These cases expose significant, systemic flaws in the way the judicial
system approaches private education loan debts-setting up the most
vulnerable borrowers to face persistent financial distress in the
decades ahead.
The New York State Department of Financial Services (DFS) announced, on
April 7, 2020, that it negotiated with some of the largest private
student loan companies to offer relief to as many as 300,000 New Yorkers
struggling with private student loan debt. The proposed relief offered
up to 90 days of deferment and protections from negative credit report-
ing. However, this relief was only temporary and did not cover the
entire student loan market. Private student loan companies and creditors
have now resumed filing new lawsuits and continuing existing cases to
recover past-due debts, despite tens of thousands of people still out of
work or losing their jobs.
Additionally, some of these companies submit false or misleading legal
documents against the borrower to courts. The harmful effect of these
lawsuits, which often lack even the most-basic levels of documentation
and are disproportionately filed in majority-minority communities in New
York, were documented in a report issued in March 2021.
It is clear that student loan borrowers need long-term solutions as New
York works to recover from the pandemic. It is also clear that the
predatory conduct in the private student loan market centers around
specific types of misrepresentation and unfair practices, as well as
improper debt collection practices. This legislation creates protections
that specifically address these practices and would limit the economic
exploitation of vulnerable borrowers by ensuring that borrowers are
informed of any lender-specified repayment options and by creating
protections for new borrowers taking on debt.
PRIOR LEGISLATIVE HISTORY:
A.6226 of 2021-22.
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None to the state.
EFFECTIVE DATE:
This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
3155--A
2023-2024 Regular Sessions
IN ASSEMBLY
February 2, 2023
___________
Introduced by M. of A. ZEBROWSKI, SIMON, FORREST, WALLACE, EACHUS,
SIMONE, LEVENBERG, BURDICK -- read once and referred to the Committee
on Consumer Affairs and Protection -- recommitted to the Committee on
Consumer Protection in accordance with Assembly Rule 3, sec. 2 --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee
AN ACT to amend the general business law and the civil practice law and
rules, in relation to protecting private education loan borrowers and
cosigners
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The general business law is amended by adding a new article
2 42 to read as follows:
3 ARTICLE 42
4 PRIVATE EDUCATION LOAN PROTECTIONS
5 Section 1100. Definitions.
6 1101. Applicability.
7 1102. Exempt organizations.
8 1103. Provisions applicable to cosigners.
9 1104. Prohibition on acceleration of payments on private educa-
10 tion loans.
11 1105. Required communications from creditors and debt collec-
12 tors.
13 1106. Required information to be provided by creditors and debt
14 collectors.
15 1107. Enforcement.
16 1108. Rules and regulations.
17 § 1100. Definitions. As used in this article:
18 1. "Private education loan" means an extension of credit that:
19 (a) is not made, insured, or guaranteed under title IV of the Higher
20 Education Act of 1965 (20 U.S.C. 1070 et seq.);
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD01638-05-4
A. 3155--A 2
1 (b) is extended to a consumer expressly, in whole or in part, for
2 higher education expenses, regardless of whether the loan is provided by
3 the educational institution that the student attends;
4 (c) does not include open-end credit or any loan that is secured by
5 real property or a dwelling; and
6 (d) does not include an extension of credit in which the covered
7 educational institution is the creditor if:
8 (i) the term of the extension of credit is ninety days or less; or
9 (ii) an interest rate or finance charge will not be applied to the
10 credit balance and the term of the extension of credit is one year or
11 less, even if the credit is payable in more than four installments.
12 2. "Private education lender", except as exempted under this article,
13 means:
14 (a) any person or entity engaged in the business of securing, making,
15 or extending private education loans; or
16 (b) any holder of a private education loan.
17 3. "Borrower" or "private education loan borrower" means a person who
18 has received or agreed to pay a private education loan for such person's
19 own educational expenses.
20 4. "Cosigner" (a) means:
21 (i) any individual who is liable for the obligation of another without
22 compensation, regardless of how designated in the contract or instrument
23 with respect to that obligation, including an obligation under a private
24 education loan extended to consolidate a borrower's pre-existing private
25 education loans; and
26 (ii) includes any person the signature of which is requested as condi-
27 tion to grant credit or to forbear on collection;
28 (b) does not include a spouse of an individual described in subpara-
29 graph (i) of paragraph (a) of this subdivision, the signature of whom is
30 needed to perfect the security interest in a loan.
31 5. "Original creditor" means the private education lender identified
32 in a promissory note, loan agreement, or loan contract entered into with
33 a private education loan borrower or cosigner.
34 6. "Creditor" means:
35 (a) the original creditor, where ownership of a private education loan
36 debt has not been sold, assigned, or transferred;
37 (b) the person or entity that owned the private education loan debt at
38 the time the debt became delinquent or defaulted, even if that person or
39 entity did not originate the private education loan, and where such a
40 debt has not subsequently been sold, transferred or assigned; or
41 (c) a person or entity that purchased a delinquent or defaulted
42 private education loan debt for collection purposes, whether it collects
43 the debt itself, hires a third party for collection, or hires an attor-
44 ney for collection litigation.
45 7. "Debt collector" means any person who regularly collects or
46 attempts to collect, directly or indirectly, consumer debts originally
47 owed or due or asserted to be owed or due another. The term does not
48 include any officer or employee of a creditor who, in the name of the
49 creditor, collects debts for such creditor, but it does include any
50 creditor who, in the process of collecting its own debts, uses any name
51 other than its own which would indicate that a third person is collect-
52 ing or attempting to collect such debts.
53 8. "Higher education expense" means any expense arising from higher
54 education, as defined in section two of the education law, regardless of
55 whether the higher education institution is accredited within New York
56 state.
A. 3155--A 3
1 § 1101. Applicability. 1. Any person or entity that enters into a
2 contract or subcontract with a private education lender or servicer to
3 perform the servicing of a private education loan must fulfill the obli-
4 gations of the private education lender under this article.
5 2. Any private education lender as described in subdivision two of
6 section eleven hundred of this article be jointly and severally liable
7 for the actions of the entity or person in fulfilling the obligations of
8 the private educational lender or servicer under this article.
9 § 1102. Exempt organizations. The following shall be exempt from the
10 provisions of this article only to the extent that state regulation is
11 preempted by federal law:
12 1. Any banking organization, foreign banking corporation, national
13 bank, federal savings association, federal credit union, or any bank,
14 trust company, savings bank, savings and loan association, or credit
15 union organized under the laws of any other state; and
16 2. Any subsidiary of such entities set forth in subdivision one of
17 this section.
18 § 1103. Provisions applicable to cosigners. 1. (a) Prior to the origi-
19 nation of a private education loan, the private education lender shall
20 provide to all cosigner applicants information about the rights and
21 responsibilities of the cosigner of the loan, including:
22 (i) information about how the private education lender will furnish
23 information about the cosigner's private education loan obligation to
24 credit reporting agencies;
25 (ii) information about how the cosigner will be notified if the
26 private education loan becomes delinquent, including how the cosigner
27 can cure the delinquency in order to avoid negative credit furnishing
28 and loss of cosigner release eligibility; and
29 (iii) information about eligibility for release of the cosigner's
30 obligation on the private education loan, including number of on-time
31 payments and any other criteria required to approve the release of
32 cosigner from the loan obligation.
33 (b) Lenders shall send borrowers and cosigners annual written notices
34 containing information about cosigner release, including criteria the
35 lender requires to approve the release of cosigner from the loan obli-
36 gation and the process for applying for cosigner release.
37 (c) Once the borrower has met the applicable consecutive on-time
38 payment requirement to be eligible for cosigner release, the lender
39 shall send the borrower and cosigner a written notification by U.S. mail
40 and by electronic mail, where a borrower has elected to receive elec-
41 tronic communications from the lender, informing the borrower and cosig-
42 ner that such person has met the applicable consecutive, on-time
43 payments requirement to be eligible for cosigner release. The notifica-
44 tion shall also include information about any additional criteria to
45 qualify for cosigner release, and the procedure to apply for cosigner
46 release.
47 (d) Lenders shall provide written notice within fifteen days to any
48 borrower who applies for cosigner release, but whose application is
49 incomplete. The written notice must include a description of the infor-
50 mation needed to consider the application complete and the date by which
51 the applicant should furnish the missing information.
52 (e) After a borrower submits a complete application for cosigner
53 release, within thirty days, the lender shall send the borrower and
54 cosigner a written notice that informs the borrower and cosigner whether
55 the cosigner release application has been approved or denied. If the
56 lender denies a request for cosigner release, the lender shall inform
A. 3155--A 4
1 the borrower of such person's right to request all documents and infor-
2 mation used in the determination, including the credit score threshold
3 used by the lender, the borrower's consumer report, the borrower's cred-
4 it score, and any other documents specific to the borrower. The lender
5 must also provide any adverse action notices required under applicable
6 federal law if the denial is based in whole or in part on any informa-
7 tion contained in a consumer report.
8 2. (a) In response to any written or oral request for cosigner
9 release, lenders shall send the information described in paragraph (b)
10 of subdivision one of this section.
11 (b) Lenders shall not impose any restrictions that may permanently bar
12 a borrower from qualifying for cosigner release, including restricting
13 the number of times a borrower may apply for cosigner release.
14 (c) Lenders shall not impose any negative consequences on any borrower
15 or cosigner during the sixty days following the issuance of the notice
16 required under paragraph (d) of subdivision one of this section, or
17 until the lender makes a final determination about a borrower's cosigner
18 release application. For the purpose of this paragraph, "negative conse-
19 quences" includes, but is not limited to, the imposition of additional
20 eligibility criteria, negative credit reporting, lost eligibility for
21 cosigner release, late fees, interest capitalization, or other financial
22 injury.
23 (d) Lenders shall not require greater than twelve consecutive, on-time
24 payments as criteria to apply for cosigner release. Any borrower who has
25 paid the equivalent of twelve months of principal and interest payments
26 within any twelve-month period will be considered to have satisfied the
27 consecutive, on-time payment requirement, even if the borrower has not
28 made payments monthly during the twelve-month period.
29 (e) If a borrower or cosigner requests a change that restarts the
30 count of consecutive, on-time payments required for cosigner release,
31 the lender shall notify the borrower and cosigner in writing within ten
32 days of the impact of such an arrangement and provide the borrower or
33 cosigner the right to withdraw or reverse the request to avoid such
34 impact.
35 (f) The borrower has the right to request an appeal of a lender's
36 determination to deny the cosigner release application within ninety
37 days of receiving the lender's determination, and the lender shall
38 permit such borrower to submit additional documentation evidencing that
39 the borrower has the ability, willingness, and stability to handle such
40 person's payment obligations. The borrower may request review of the
41 cosigner release determination by another employee. The lender shall
42 inform the borrower of this right in a clear and conspicuous manner on
43 the notice denying the cosigner release application.
44 (g) A lender must establish and maintain a comprehensive record
45 management system reasonably designed to ensure the accuracy, integrity,
46 and completeness of data and other information about cosigner release
47 applications. This system shall include the number of cosigner release
48 applications received, the approval and denial rate, and the primary
49 reasons for any denial.
50 (h) If a cosigner has a total and permanent disability, as determined
51 by any federal agency, state agency, or physician or doctor of osteopa-
52 thy legally authorized to practice in the state in which the cosigner
53 resides, the lender shall release the cosigner from the cosigner's obli-
54 gation to repay the loan upon receiving a notification of the cosigner's
55 total and permanent disability. The lender shall not require a new
A. 3155--A 5
1 cosigner to be added to the loan after the original cosigner has been
2 released from the loan.
3 3. (a) A lender shall provide a cosigner of a private education loan
4 with access to all documents or records related to the cosigned private
5 education loan that are available to the borrower;
6 (b) If a lender provides electronic access to documents and records
7 for a borrower, it shall provide equivalent electronic access to the
8 cosigner; and
9 (c) Upon receiving notice from the borrower or cosigner, the lender
10 shall redact the contact information of the other party.
11 § 1104. Prohibition on acceleration of payments on private education
12 loans. 1. Except as provided in subdivision two of this section, a
13 private education loan executed after the effective date of this article
14 may not include a provision that permits the private educational lender
15 to accelerate, in whole or in part, payments on the private education
16 loan.
17 2. A private education loan may include a provision that permits
18 acceleration of the loan in cases of payment default.
19 3. A lender shall not place any loan or account into default or accel-
20 erate a loan for any reason, other than for failure to pay.
21 4. (a) In the event of the death of a cosigner, a lender shall not
22 attempt to collect against the cosigner's estate, other than for failure
23 to pay.
24 (b) Upon receiving notification of the death or bankruptcy of a cosig-
25 ner, when the loan is not more than sixty days delinquent at the time of
26 the notification, a lender shall not change any terms or benefits under
27 the promissory note, repayment schedule, repayment terms, or monthly
28 payment amount or any other provision associated with the loan.
29 (c) A lender shall not place any loan or account into default or
30 accelerate a loan for any reason, other than for failure to pay.
31 § 1105. Required communications from creditors and debt collectors.
32 In addition to any other information required under applicable federal
33 or state law, a creditor or debt collector shall provide, in writing, in
34 the first debt collection communication with the private education loan
35 borrower or cosigner, or within five days thereafter, and at any other
36 time the borrower or cosigner requests such documentation:
37 1. The name of the current owner of the private education loan debt;
38 2. The original creditor's name at the time of origination and, if
39 different, at the time of sale of the loan, if applicable;
40 3. The original creditor's account number used to identify the private
41 education loan debt at the time of sale, if applicable;
42 4. The total outstanding amount owed at the time of default or the
43 amount due to bring the loan current if the loan is delinquent, but not
44 yet in default;
45 5. A schedule of all transactions credited or debited to the private
46 education loan account;
47 6. A copy of all pages of the contract, application or other documents
48 stating all terms and conditions applicable to the private education
49 loan and evidencing the private education loan borrower's or cosigner's
50 liability for the private education loan; and
51 7. A clear and conspicuous statement disclosing that the borrower or
52 cosigner has a right to request all information possessed by the credi-
53 tor related to the private education loan debt, including, but not
54 limited to the information included in section eleven hundred six of
55 this article.
A. 3155--A 6
1 § 1106. Required information to be provided by creditors and debt
2 collectors. 1. A creditor or debt collector may not collect or attempt
3 to collect a private education loan debt unless the creditor or debt
4 collector possesses the following:
5 (a) The name of the owner of the private education loan;
6 (b) The original creditor's name at the time of sale of the loan or
7 default, if applicable;
8 (c) The original creditor's account number used to identify the
9 private education loan at the time of sale or default, if the original
10 creditor used an account number to identify the private education loan
11 at the time of sale or default;
12 (d) The amount due at the time of sale, or at default, or, if the loan
13 is delinquent, to bring the loan current;
14 (e) A schedule of all transactions credited or debited to the private
15 education loan account;
16 (f) An itemization of interest and fees, if any, claimed to be owed
17 and whether those were imposed by the original creditor or any subse-
18 quent owners of the private education loan;
19 (g) The date that the private education loan was incurred;
20 (h) A billing statement or other account record indicating the date of
21 the first partial payment and/or the first day that a payment was
22 missed, whichever is earlier;
23 (i) A billing statement or other account record indicating the date of
24 the last payment made by the borrower or cosigner, if applicable;
25 (j) Any payments, settlement, or financial remuneration of any kind
26 paid to the creditor by a guarantor, cosigner, or surety, and the amount
27 of payment received;
28 (k) A copy of the self-certification form and any other "needs analy-
29 sis" conducted by the original creditor prior to origination of the
30 loan;
31 (l) A log of all collection attempts made in the previous twelve
32 months including date and time of all calls and written communications;
33 (m) Copies of all written settlement offers sent in the last twelve
34 months, or, in the alternative, a statement that the creditor has not
35 attempted to settle or otherwise renegotiate the debt prior to suit;
36 (n) Copies of all collection letters sent to the borrower and cosigner
37 since inception of the loan;
38 (o) Documentation establishing that the creditor is the owner of the
39 specific individual private education loan at issue. If the private
40 education loan was assigned more than once, the creditor must possess
41 each assignment or other writing evidencing the transfer of ownership of
42 the specific individual private education loan to establish an unbroken
43 chain of ownership, beginning with the original creditor to the first
44 subsequent creditor and each additional creditor. Each assignment or
45 other writing evidencing transfer of ownership or the right to collect
46 must contain the original creditor's account number (redacted for secu-
47 rity purposes to show only the last four digits) of the private educa-
48 tion loan purchased or otherwise assigned, the date of purchase and
49 assignment, and must clearly show the borrower's, and if applicable,
50 cosigner's correct name associated with the original account number. The
51 assignment or other writing attached shall be that by which the creditor
52 or other assignee acquired the private education loan, not a document
53 prepared for litigation or collection purposes;
54 (p) A copy of all pages of the contract, application or other docu-
55 ments evidencing the private education loan borrower's, and if applica-
A. 3155--A 7
1 ble, cosigner's liability for the private education loan, stating all
2 terms and conditions applicable to the private education loan; and
3 (q) A signed affidavit or affidavits from each of the previous owners
4 of the private education loan regarding when the previous owner acceler-
5 ated the loan from delinquency status to default status, or if applica-
6 ble, a statement that no such acceleration occurred.
7 2. Upon written or oral request from a borrower or cosigner for any
8 information that a creditor or debt collector is required to possess
9 pursuant to subdivision one of this section, a creditor or debt collec-
10 tor shall send the requested information to the borrower or cosigner
11 within fifteen days of receipt of the request.
12 § 1107. Enforcement. 1. All private education lenders, creditors and
13 debt collectors shall comply with the provisions of this article.
14 2. Whenever it appears to the attorney general, either upon complaint
15 or otherwise, that any person or persons, have suffered damage as a
16 result of a violation of this article by a private education lender,
17 creditor, or debt collector covered by these provisions, the attorney
18 general may bring an action or special proceeding in the name and on
19 behalf of the people of the state of New York to enjoin any violation of
20 this article, to recover or obtain any of the following:
21 (a) actual damages;
22 (b) correction of any inaccurate, negative reporting by the lender,
23 creditor, or debt collector to any credit reporting agency;
24 (c) injunctive relief; and
25 (d) any other relief that the court deems proper.
26 § 1108. Rules and regulations. In addition to such powers as may
27 otherwise be prescribed by this chapter, the attorney general is hereby
28 authorized and empowered to promulgate such rules and regulations as may
29 in the judgment of the attorney general be consistent with the purposes
30 of this article, or appropriate for the effective administration of this
31 article, including, but not limited to:
32 (a) such rules and regulations in connection with the activities of
33 private education lenders, creditors, and debt collectors as may be
34 necessary and appropriate for the protection of borrowers in this state;
35 (b) such rules and regulations as may be necessary and appropriate to
36 define unfair, deceptive or abusive acts or practices in connection with
37 the activities of private education lenders, creditors, and debt collec-
38 tors;
39 (c) such rules and regulations as may define the terms used in this
40 article and as may be necessary and appropriate to interpret and imple-
41 ment the provisions of this article; and
42 (d) such rules and regulations as may be necessary for the enforcement
43 of this article.
44 § 2. Subdivision (q-1) of section 105 of the civil practice law and
45 rules, as added by chapter 593 of the laws of 2021, is amended to read
46 as follows:
47 (q-1) Original creditor. The term "original creditor" means the entity
48 that owned a consumer credit account at the date of default giving rise
49 to a cause of action, except that if the consumer credit account is a
50 private education loan, as defined in subdivision one of section eleven
51 hundred of the general business law, "original creditor" means the
52 private education lender identified in a promissory note, loan agree-
53 ment, or loan contract entered into with a private education loan
54 borrower or cosigner.
55 § 3. Severability. If any clause, sentence, paragraph, subdivision,
56 section or part of this act shall be adjudged by any court of competent
A. 3155--A 8
1 jurisdiction to be invalid, such judgment shall not affect, impair, or
2 invalidate the remainder thereof, but shall be confined in its operation
3 to the clause, sentence, paragraph, subdivision, section or part thereof
4 directly involved in the controversy in which such judgment shall have
5 been rendered. It is hereby declared to be the intent of the legislature
6 that this act would have been enacted even if such invalid provisions
7 had not been included herein.
8 § 4. This act shall take effect on the sixtieth day after it shall
9 have become a law.
