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S 1831 110th Congress Senate Education Administrative procedure Civil actions and liability Collection of accounts Commerce Consumer education Debtor and creditor Economics and Public Finance Federal Reserve System Federally-guaranteed loans Fees Finance and Financial Sector Finance charges Government Operations and Politics Government lending Higher education Interest Interest rates Law Liability (Law)

Private Student Loan Disclosure Enhancement Act of 2007

Introduced: July 19, 2007 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 19, 2007
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 19, 2007
Introduced in Senate
 Plain-English summary Congressional Research Service

Private Student Loan Disclosure Enhancement Act of 2007 - Amends the Truth in Lending Act to subject private education loans to its consumer credit disclosure requirements.

Sets forth the private student loan terms and conditions which lenders must clearly and conspicuously disclose to borrowers in any application or solicitation for such a loan and contemporaneously with the approval of a private student loan application. Gives private student loan borrowers 30 days after the loan is approved and the required loan disclosure information is received to accept and consummate the loan transaction.

Subjects lenders to civil liability for violating such requirements. Requires civil actions to be brought within one year after the first monthly payment on the loan becomes due after the borrower leaves school, unless full repayment begins earlier.

Requires private student loan providers, when making the required loan disclosures, to inform borrowers of their possible eligibility for federal educational loans. Requires the Board of Governors of the Federal Reserve System to develop and test a student borrower disclosure statement that encourages students to use federal educational loans and discloses their average interest rate and the fact that they are less costly than private education loans.

What's happening now July 19, 2007

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1