HR 4511
113th Congress
House
Education
Bankruptcy
Consumer affairs
Consumer credit
Higher education
Student aid and college costs
Protecting Students From Automatic Default Act of 2014
Introduced: April 29, 2014
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 29, 2014
Referred to the House Committee on Financial Services.
Apr 29, 2014
Introduced in House
Plain-English summary
Protecting Students From Automatic Default Act of 2014 - Amends the Truth in Lending Act to require a private educational lender to notify a borrower immediately if, upon receiving notification of the death or bankruptcy of a cosigner jointly liable for the private education loan, the lender deems the borrower to be in default, changes the terms of the loan, or accelerates the loan's repayment terms.
Requires a private educational lender to give a borrower at least 90 days after such a notification to identify a new cosigner for that loan. Retains the lender's right to renegotiate loan terms based on the creditworthiness of the new cosigner.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1