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HR 2542 114th 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 2015

Introduced: May 21, 2015 Introduced by: Larsen, Rick Democratic · Washington 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
May 21, 2015
Referred to the House Committee on Financial Services.
May 21, 2015
Introduced in House
 Plain-English summary Congressional Research Service

Bereaved Borrowers' Bill of Rights Act of 2015

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 the 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 21, 2015

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1