Christopher's Law

Bill: 114-hr-3474
Sponsor: Rep. Pascrell, Bill, Jr. [D-NJ-9]
Introduced: 2015-09-10 in the House
Policy area: Education
Subjects: Bankruptcy
Consumer credit
Disability and paralysis
Government information and archives
Government lending and loan guarantees
Higher education
Student aid and college costs

Summary:
action_date: 2015-09-10
text: 

Christopher Bryski Student Loan Protection Act or Christopher's Law

 
This bill amends the Truth in Lending Act to require a private student loan lender to disclose clearly and conspicuously in writing a cosigner's obligations regarding a private student loan. The Consumer Financial Protection Bureau (CFPB) must publish a model form for such disclosure.
 
 The bill prohibits a private student loan lender from taking an adverse action against a borrower (e.g., placing a loan in default or accelerating a loan balance) upon a cosigner's death, disability, or bankruptcy. It also prohibits adverse actions against a cosigner for a borrower's death, disability, or bankruptcy. 
 
 The CFPB must establish and a private student loan lender must disclose criteria for releasing a cosigner from a private student loan obligation.
 
A private student loan lender must also: 
 
 
 provide prompt notice of a cosigner's release; 
 
allow a borrower to designate a legal representative to make decisions upon the death or disability of such borrower; and 
 
 
ensure a borrower and cosigner receive comprehensive counseling on the terms, conditions, and responsibilities of a private student loan. 
 
 
Additionally, this bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to expand the required elements of entrance counseling for a federal student loan borrower to include: 
 
 
conditions for loan discharge upon the death or disability of a borrower,
 
options for loan repayment and forgiveness upon the death or disability of a borrower or cosigner, and
 
obligations of a borrower or cosigner upon the death or disability of a borrower.
 
 
It requires clear and conspicuous disclosure of a student's option to designate a legal representative to make decisions about a federal student loan upon such student's death or disability. 


Legislative actions:
action_date: 2016-03-23
text: Referred to the Subcommittee on Higher Education and Workforce Training.
action_date: 2015-09-10
text: Referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, 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: 2015-09-10
text: Referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, 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: 2015-09-10
text: Referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, 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: 2015-09-10
text: Introduced in House
action_date: 2015-09-10
text: Introduced in House