HR 4643 113th Congress House Finance and Financial Sector Bankruptcy Consumer affairs Consumer credit Higher education Student aid and college costs

Bereaved Borrowers' Bill of Rights Act of 2014

Introduced: May 9, 2014 Introduced by: Larsen, Rick Democratic · Washington See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 9, 2014

Referred to the House Committee on Financial Services.

May 9, 2014

Introduced in House

Plain-English summary Congressional Research Service

Bereaved Borrowers' Bill of Rights Act of 2014 - Amends the Truth in Lending Act to require a private educational lender to include in a private education loan for which the cosigner is jointly liable a process for releasing the cosigner from obligations on such loan.

Requires a lender who receives notification of the death or bankruptcy of a cosigner who is jointly liable for the loan to notify the borrower about the borrower's rights under the loan agreement regarding: (1) release of the cosigner, and (2) identification of a new cosigner or refinancing of the loan.

Amends the Fair Credit Reporting Act to prohibit: (1) consumer reporting agencies from containing in any consumer report default on a private education loan that results from accelerated repayment terms of the loan after the death or bankruptcy of a jointly liable cosigner, and (2) the lender or servicer of a private educational loan from furnishing loan information to a consumer reporting agency if the consumer defaulted on the loan due to accelerated repayment terms after the death or bankruptcy of such a cosigner.

What's happening now May 9, 2014

Referred to the House Committee on Financial Services.

Committees of jurisdiction 1