Bill > S04747

This bill amends the Debtor and Creditor Law in New York to support international debt relief initiatives for developing countries with unsustainable levels of debt. The key provisions of the bill are: (1) it declares that it shall be the policy of New York to support international debt relief initiatives and ensure that the cost of such relief is allocated fairly and does not fall disproportionately on New York residents and taxpayers; (2) it defines key terms such as "international initiative", "eligible claim", "eligible state", and "burden-sharing standards"; and (3) it states that eligible claims against participating debtor states can only be recoverable to the extent that they comply with the burden-sharing standards set by the relevant international initiatives, meet robust disclosure standards, and do not exceed the proportion that would have been recoverable by the U.S. federal government.

Justice

https://www.nysenate.gov/legislation/bills/2023/S4747