Christopher Bryski Student Loan Protection Act

Bill: 111-hr-5458
Sponsor: Rep. Adler, John H. [D-NJ-3]
Introduced: 2010-05-28 in the House
Policy area: Education
Subjects: Administrative law and regulatory procedures
Banking and financial institutions regulation
Consumer affairs
Consumer credit
Disability and paralysis
Federal Reserve System
Government information and archives
Government lending and loan guarantees
Health information and medical records
Higher education
Student aid and college costs
Veterans' education, employment, rehabilitation

Summary:
action_date: 2010-05-28
text: 
Christopher Bryski Student Loan Protection Act and Christopher's Law - Amends the Truth in Lending Act to require private educational lenders and institutions of higher education (IHEs) that provide student loan counseling to discuss the benefits of advanced directives with the signers and cosigners of student loans.
 
Requires lenders of private educational loans for which cosigners are held jointly liable to clearly and concisely define the terms of cosigners' obligations regarding such loans.
 
Directs lenders of private educational loans which are cosigned to inform the signers and cosigners regarding the benefits of purchasing credit insurance; but prohibits such lenders from conditioning or varying the terms of such loans on the basis of whether or not credit insurance is purchased.
 
Directs the Board of Governors of the Federal Reserve System by regulation to set standards for determining when a private educational loan signer or cosigner has died or become incapacitated or disabled. Requires such regulations to treat a determination by the Secretary of Veterans Affairs (VA) that a borrower is unemployable due to a service-connected condition as proof that such borrower is incapacitated or disabled. 
 
Amends the Higher Education Act of 1965 to require: (1) prospective borrowers of federal PLUS and consolidated loans to be informed about creation of advanced directives; and (2) borrowers of federal educational loans to be provided entrance counseling regarding the creation of advanced directives and the effect their death, incapacitation, or disability would have on their federal and private educational loans.

action_date: 2010-09-28
text: 
Christopher Bryski Student Loan Protection Act and Christopher's Law - (Sec. 2) Amends the Truth in Lending Act to require institutions of higher education (IHEs) that provide student loan counseling to new borrowers and cosigners at the time of any student loan application, origination, or consolidation, or at the time the cosigner assumes responsibility for repayment, to include information on creating a durable power of attorney for financial decisionmaking.
 
Requires private educational lenders to provide borrowers and cosigners of student loans with that information at the time of loan application.
 
Requires lenders of private educational loans for which cosigners are held jointly liable to describe clearly and conspicuously, in writing, the cosigners' obligations regarding such loans, including the effect a borrower's or cosigner's death, disability, or inability to engage in any substantial gainful activity would have on such obligations.
 
Directs the Board of Governors of the Federal Reserve System to publish model forms for the information this Act requires to be provided regarding: (1) the creation of a durable power of attorney; and (2) a cosigner's obligation.
 
(Sec. 3) Amends the Higher Education Act of 1965 to require IHEs to provide borrowers of federal educational loans information at their entrance counseling regarding: (1) the effect their death, disability, or inability to engage in any substantial gainful activity would have on their federal and private educational loans; and (2) their state's model form, published by the Board of Governors of the Federal Reserve System, for creating a durable power of attorney.


Legislative actions:
action_date: 2010-09-29
text: Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
action_date: 2010-09-28
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2010-09-28
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7078)
action_date: 2010-09-28
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H7078)
action_date: 2010-09-28
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 5458.
action_date: 2010-09-28
text: Considered under suspension of the rules. (consideration: CR H7077-7079)
action_date: 2010-09-28
text: Mr. Adler (NJ) moved to suspend the rules and pass the bill, as amended.
action_date: 2010-05-28
text: Referred to House Education and Labor
action_date: 2010-05-28
text: Referred to the Committee on Financial Services, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2010-05-28
text: Referred to House Financial Services
action_date: 2010-05-28
text: Introduced in House
action_date: 2010-05-28
text: Introduced in House