Ryan Frascone Memorial Student Loan Relief Act of 2020

Bill: 116-hr-7625
Sponsor: full_name: Rep. Craig, Angie [D-MN-2]
Introduced: 2020-07-16
Policy area: Finance and Financial Sector
Subjects: Bankruptcy

Consumer credit

Education

Higher education

Student aid and college costs
Latest action: action_date: 2020-07-16
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-07-16
action_desc: Introduced in House
text: <p><b>Ryan Frascone Memorial Student Loan Relief Act of 2020</b></p> <p>This bill retroactively applies certain borrower protections related to cosigners of private student loans. Specifically, all private student loan agreements must (1) prohibit a creditor from declaring a default or accelerating the debt of a private student loan on the sole basis of the death or bankruptcy of a cosigner to such a loan, and (2) require loan holders to release cosigners from any obligation upon the death of the student borrower. Under current law, these protections apply only to private student loan agreements entered into on or after November 20, 2018.</p> <p><br /> </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 7625 IN THE HOUSE OF REPRESENTATIVES July 16, 2020 Ms. Craig introduced the following bill; which was referred to the Committee on Financial Services A BILL To provide for the release of cosigners on private student loans in the case of the death of the student borrower.

1. Short title This Act may be cited as the Ryan Frascone Memorial Student Loan Relief Act of 2020 . 2. Applicability of certain amendments to the Truth in Lending Act Effective on the date of enactment of the Economic Growth, Regulatory Relief, and Consumer Protection Act ( Public Law 115–174 ), section 601(b) of such Act is amended to read as follows: (b) Applicability The amendments made by subsection (a) shall apply to private education loan agreements entered into before, on, or after the date of enactment of this Act. .