instruction:
In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
question:
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Handgun Purchaser Licensing Act''.

SEC. 2. FINDINGS.

Congress finds as follows:
(1) In 2013, more than 33,000 Americans were killed by guns
and almost 90 percent of the firearms used in these deaths were
handguns.
(2) Recently published research by top national experts,
notably on Missouri and Connecticut handgun purchaser licensing
laws, have estimated that Missouri's repeal of its handgun
purchaser licensing law led to a 25-percent increase in firearm
homicide rates while Connecticut's adoption of its handgun
purchaser licensing law led to a 40-percent decrease in firearm
homicide rates.
(3) In States which have had effective handgun purchaser
licensing laws for decades, such as Connecticut, Massachusetts,
New Jersey, and New York, the vast majority of guns traced to
crimes originated in other States, which supports the need for
handgun purchaser licensing laws in every State.

SEC. 3. DEFINITIONS.

In this Act--
(1) the terms ''Attorney General'' and ''handgun'' have the
meanings given those terms in section 921(a) of title 18,
United States Code; and
(2) the term ''Indian tribe'' has the meaning given the
term in section 4 of the Indian Self-Determination and
Education Assistance Act (25 U.S.C. 450b).

SEC. 4. GRANT PROGRAM AUTHORIZED FOR HANDGUN LICENSING.

(a) In General.--The Attorney General is authorized to award grants
to States, units of local government, and Indian tribes for the
development, implementation, and evaluation of handgun purchaser
licensing requirements.
(b) Program Authorized.--From the amounts appropriated to carry out
this Act and not later than 90 days after such amounts are
appropriated, the Attorney General shall award grants, on a competitive
basis, to eligible applicants whose applications are approved under
subsection (c) to assist such applicants in implementing and improving
handgun purchaser licensing programs.
(c) Application.--To be eligible to receive a grant under this Act,
a State, unit of local government, or Indian tribe shall submit to the
Attorney General an application at such time, in such manner, and
containing such information as the Attorney General may require,
including--
(1) a description of the law that the applicant has enacted
to require a license for any purchase of a handgun including a
description of any exemptions to such law; and
(2) a description of how the applicant will use the grant
to carry out or improve its handgun purchaser licensing
program.
(d) Eligibility Requirements.--To be eligible for a grant under
this Act, an applicant shall have in effect handgun purchaser licensing
laws that--
(1) require--
(A) an individual applying for a handgun license or
permit to be at least 21 years old and be a national or
lawful permanent resident of the United States;
(B) an individual described in subparagraph (A) to
apply for the handgun purchaser license or permit at a
law enforcement agency in the State in which the
individual resides;
(C) an individual who is issued a handgun license
or permit to reapply for the handgun purchaser license
or permit after a period not longer than 5 years;
(D) an individual described in subparagraph (A) to
submit to a background investigation, and a criminal
history check, in connection with the application, as
established by the State;
(E) an individual described in subparagraph (A) to
submit fingerprints and photographs in connection with
the application for the license or permit; and
(F) an individual described in subparagraph (A) to
provide--
(i) proof that the individual is legally
present and lawfully resides in the United
States, including a birth certificate, or valid
passport; and
(ii)(I) in the case of a lawful permanent
resident, the alien registration number and 90-
day proof of residency; or
(II) in the case of a naturalized citizen,
proof of citizenship; and
(2) prohibit an individual who is prohibited from
possessing a firearm under section 922(g) of title 18, United
States Code, from receiving a license or permit.
(e) Use of Funds.--A grantee under this Act shall use such grant to
improve handgun purchaser licensing programs of that grantee.

SEC. 5. AUTHORIZATION OF APPROPRIATIONS.

There are authorized to be appropriated to the Attorney General
such sums as may be necessary to carry out this Act.
answer:
Handgun Purchaser Licensing Act Authorizes the Attorney General to award grants to states, units of local government, and Indian tribes for the development, implementation, and evaluation of handgun purchaser licensing requirements. Directs the Attorney General to award grants, on a competitive basis, to eligible applicants whose applications are approved to assist them in implementing and improving handgun purchaser licensing programs. Directs a state, local government, or tribe, to be eligible to receive a grant, to submit to the Attorney General an application that meets specified requirements, including a description of: (1) the law that the applicant has enacted to require a license for any purchase of a handgun, including exemptions to such law; and (2) how the applicant will use the grant to carry out or improve its program. Requires an applicant, to be eligible for a grant, to have in effect handgun purchaser licensing laws that: require an applicant for a handgun license or permit to be at least 21 years old and to be a national or lawful permanent resident of the United States; require such an individual to apply for the license or permit at a law enforcement agency in the state in which he or she resides, to reapply for an issued license after a period not longer than five years, and to submit to a background investigation and a criminal history check; require such an individual to submit fingerprints and photographs in connection with the application and to provide proof that the individual is legally present and lawfully resides in the United States; and bar any individual who is prohibited from possessing a firearm under the federal criminal code from receiving a license or permit. Requires a grantee to use such grant to improve its handgun purchaser licensing programs.

question:
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Shareholder Empowerment Act of
2009''.

SEC. 2. MAJORITY VOTING FOR DIRECTORS.

The Securities Exchange Act of 1934 is amended by adding after
section 16 the following new section:

''SEC. 16A. ELECTION OF DIRECTORS.

''(a) Standards Relating to Election of Directors.--
''(1) Commission rules.--Not later than 270 days after the
date of enactment of this section, the Commission shall, by
rule, direct the national securities exchanges and national
securities associations to prohibit the listing of any security
of an issuer that is not in compliance with the requirements of
any portion of paragraph (2). Such rules shall provide for
appropriate procedures for an issuer to have an opportunity to
cure any defects that would be the basis for such a prohibition
before the imposition of such prohibition.
''(2) Standards for election of directors.--
''(A) Majority voting.--Each issuer shall, to the
extent permitted under State law, provide in its
governing documents that--
''(i) directors in uncontested elections
shall be elected by a majority of the votes
cast as to each nominee; and
''(ii) in contested elections where the
number of nominees exceeds the number of
directors to be elected, directors shall be
elected by the vote of a plurality of the
shares represented at any meeting and entitled
to vote on the election of directors.
''(B) Resignation policy.--Each issuer shall also,
to the extent permitted under State law, adopt
procedures under which any director who is not elected
to a new term shall offer to tender his or her
resignation to the board of directors. The board of
directors, with the advice of a committee of the board
if such a committee has been established for that
purpose, shall determine what action should be taken as
to that resignation and shall publicly disclose its
decision and the rationale for that decision within a
reasonable period after certification of the election
results.
''(b) Shareholder Access to the Proxy in Director Elections.--
''(1) Rule.--Not later than 270 days after the date of
enactment of this section, the Commission shall, by rule,
require that in proxy statements and proxies, authorizations or
consents prepared by an issuer pursuant to section 14, the
issuer shall identify and provide security holders with an
opportunity to vote on candidates for the board of directors
who have been nominated by holders in the aggregate at least 1
percent of the issuer's voting securities for at least 2 years
prior to a record date established by the issuer for a meeting
of security holders.
''(2) Application.--This rule shall specify the information
to be provided to an issuer by security holders who nominate
candidates for inclusion in an issuer's proxy materials under
this section and shall require the issuer to disclose
information about such candidates in the issuer's proxy
materials to the same extent that information must be disclosed
about candidates nominated by the issuer. This rule shall apply
only when eligible security holders have nominated fewer than a
majority of the number of directors then authorized to serve on
the board of directors, and the rule shall specify procedures
to be followed if different security holders nominate
candidates sufficient to constitute a majority of the board of
directors.
''(3) Effective date.--The rule shall apply to proxy voting
for meetings of security holders held on or after January 1,
2010, except to the extent that a meeting was originally
scheduled to be held in 2009, but was adjourned to 2010.
''(c) Broker Discretionary Voting in Uncontested Director
Elections.--Not later than 270 days after the date of enactment of this
section, the Commission shall by, rule, require that a broker shall not
be allowed to vote securities on an uncontested election to the board
of directors of an issuer to the extent that the beneficial owner of
those securities has not provided specific instructions to the broker.
The rule shall apply to proxy voting for meetings of security holders
held on or after January 1, 2010, except to the extent that a meeting
was originally scheduled to be held in 2009, but was adjourned to 2010.
''(d) Independent Chairman of the Board of Directors.--
''(1) Commission rules.--Not later than 270 days after the
date of enactment of this section, the Commission shall, by
rule, direct the national securities exchanges and national
securities associations to prohibit the listing of any security
of an issuer that is not in compliance with the requirements of
any portion of paragraph (2). Such rules shall provide for
appropriate procedures for an issuer to have an opportunity to
cure any defects that would be the basis for such a prohibition
before the imposition of such prohibition.
''(2) Independent chairman of the board of directors.--Each
issuer shall provide in its governing documents or a public
statement of corporate policy that, to the extent possible and
consistent with the issuer's status as a publicly traded
company, the chairman of the board of directors shall be an
independent director who has not previously served as an
executive officer of the issuer. Such rule shall be implemented
with due regard for contracts in existence on the date of
enactment of this section. For purposes of this subsection, an
'independent director' shall be one who during the preceding 5
years has not been--
''(A) employed by the issuer in an executive
capacity;
''(B) an employee, director or owner greater than
20 percent of the beneficial shares of a firm that is a
paid adviser or consultant to the issuer;
''(C) employed by a significant customer or
supplier of the issuer;
''(D) a party to a personal services contract with
the issuer, as well as with the issuer's Chair, chief
executive officer, or other senior executive officer;
''(E) an employee, officer or director of a
foundation, university or other non-profit organization
that receives the greater of $100,000 or 1 percent of
total annual donations from the issuer;
''(F) a relative of an executive of the issuer;
''(G) part of an interlocking directorate in which
the issuer's chief executive officer or another
executive serves on the board of another issuer
employing that director; and
''(H) engaged in any other relationship with the
issuer or senior executives that the Commission
determines would not render that director an
independent director.''.

SEC. 3. EXECUTIVE COMPENSATION REQUIREMENTS.

The Securities Exchange Act of 1934 is further amended by adding
after the section 16A, as added by section 2, the following new section

''SEC. 16B. EXECUTIVE COMPENSATION REQUIREMENTS.

''(a) Shareholder Approval of Executive Compensation.--
''(1) Annual shareholder vote on executive compensation.--
Any proxy or consent or authorization for an annual or other
meeting of an issuer shall permit a separate vote by
shareholders to approve the compensation of senior executive
officers, as disclosed pursuant to the compensation disclosure
rules of the Commission (which disclosure shall include the
compensation discussion and analysis, the compensation tables,
and any related material).
''(2) Non-binding nature of vote.--A shareholder vote
described in paragraph (1) shall not be binding on the board of
directors of an issuer and may not be construed as overruling a
decision by such board, nor to create or imply any additional
fiduciary duty by such board, nor shall such vote be construed
to restrict or limit the ability of security holders to make
proposals for inclusion in proxy materials related to executive
compensation.
''(3) Deadline for rules.--Not later than 1 year after the
date of enactment of this section, the Commission shall issue
any final rules and regulations required by this section.
''(4) Exception.--This provision shall not apply to any
issuer who is subject to a similar recoupment requirement under
another provision of Federal law.
''(b) Independent Compensation Advisers.--
''(1) Requirement.--Not later than 1 year after the date of
enactment of this section, the Commission shall, by rule,
require that if an issuer's board of directors or a committee
thereof retains an individual adviser or advisory firm in
conjunction with negotiating employment contracts or
compensation agreements with the issuer's executives, the
individual adviser and his or her firm shall be independent of
the issuer, its executives and directors, and shall report
solely to the board of directors or the committee thereof
responsible for executive compensation. The rule shall further
require that issuers shall not agree to indemnify or limit the
liability of compensation advisers or advisory firms.
''(2) Determination.--In determining the extent to which an
adviser or advisory firm is independent of an issuer within the
meaning of this section, the Commission shall consider such
matters as--
''(A) the extent (as measured by annual fees and
other relevant metrics) to which an individual adviser
or advisory firm provides services in conjunction with
negotiating employment contracts or compensation
agreements with the issuer's executives, as compared to
other services that the adviser or advisory firm
provides to the issuer or executives;
''(B) whether individual advisers are permitted to
hold equity and do hold equity in the issuer; and
''(C) whether an advisory firm's incentive
compensation plan links the compensation of individual
advisers to the advisory firm's provision of other
services to the issuer.
''(c) Clawbacks of Unearned Performance-Based Pay.--
''(1) Commission rules.--Not later than 270 days after the
date of enactment of this section, the Commission shall, by
rule, direct the national securities exchanges and national
securities associations to prohibit the listing of any security
of an issuer that is not in compliance with the requirements of
any portion of paragraph (2). Such rules shall provide for
appropriate procedures for an issuer to have an opportunity to
cure any defects that would be the basis for such a prohibition
before the imposition of such prohibition.
''(2) Recoupment of unearned compensation.--An issuer's
board of directors or a committee thereof shall develop and
disclose a policy for reviewing unearned bonus payments,
incentive payments, or equity payments that were awarded to
executive officers owing to fraud, financial results that
require restatement, or some other cause. The policy should
require recovery or cancellation of any unearned payments to
the extent that it is feasible and practical to do so.
''(3) Exception.--This provision shall not apply to any
issuer who is subject to a similar recoupment requirement under
another provision of Federal law.
''(d) Severance Agreements Tied to Performance.--
''(1) Commission rules.--Not later than 270 days after the
date of enactment of this section, the Commission shall, by
rule, direct the national securities exchanges and national
securities associations to prohibit the listing of any security
of an issuer that is not in compliance with the requirements of
any portion of paragraph (2). Such rules shall provide for
appropriate procedures for an issuer to have an opportunity to
cure any defects that would be the basis for such a prohibition
before the imposition of such prohibition.
''(2) Severance agreements tied to performance.--An
issuer's board of directors or a committee thereof shall not
enter into agreements providing for severance payments to a
senior executive officer who is terminated because of poor
performance as an executive, as determined by the board of
directors. To the extent that an issuer is able to terminate a
senior executive officer for cause, poor performance by the
executive, as determined by the board of directors, shall be
considered as one such cause. The rule shall be implemented
with due regard for contracts in existence on the date of
enactment of this section.
''(e) Improved Disclosure of Compensation Targets.--Not later than
1 year after the date of enactment of this section, the Commission
shall, by rule, require additional disclosure of specific performance
targets that are used by issuers to determine a senior executive
officer's eligibility for bonuses, equity and incentive compensation.
The Commission shall consider methods to improve disclosure in
situations when it is claimed that disclosure would result in
competitive harm to the issuer, including, requirements that the issuer
describe its past experience with similar target levels, disclose any
inconsistencies between compensation targets and targets set in other
contexts, submit a request for confidential treatment of the
performance targets under Commission rules, or disclose the data after
disclosure would no longer be considered competitively harmful.''.
answer:
Shareholder Empowerment Act of 2009 - Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to prohibit national securities exchanges and associations from listing the securities of any issuer unless, to the extent permitted by state law, such issuer requires: (1) the election of directors who receive the majority of votes in uncontested elections or a plurality of votes in contested elections; and (2) directors who are not reelected to offer to tender their resignations.

Directs the SEC to: (1) require issuers to identify and provide security holders with an opportunity to vote on director candidates who have been nominated by holders of at least 1% of the issuer's voting securities for at least two years, provided security holders have nominated fewer than a majority of the directors then authorized to serve; (2) prohibit brokers from voting securities on an uncontested election to the board of directors without having received specific instructions from the securities' beneficial owners; and (3) requires listed issuers, to the extent possible, to have an independent chairman of their board of directors who has not served as an executive of the issuer.

Requires any proxy or consent or authorization for an annual or other meeting of a securities issuer to permit a separate shareholder vote on executive compensation, though such vote shall not be binding on its board of directors.

Directs the SEC to direct the national securities exchanges and national securities associations to prohibit: (1) issuers from retaining advisors in negotiating executive employment or compensation agreements that are not independent or are protected from liability by such issuers; (2) the listing of issuers that do not have a (clawback) policy of recovering executive payments that were unearned due to fraud, faulty financial statements, or some other cause; and (3) the listing of issuers that provide severance payments to senior executives who are terminated for poor performance.

Directs the SEC to require additional disclosure of specific performance targets issuers use in determining a senior executive's eligibility for bonuses, equity, and incentive compensation.

question:
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Protect Student Borrowers Act of
2015''.

SEC. 2. PURPOSE.

The purpose of this Act is to protect student borrowers by
requiring institutions of higher education to assume some of the risk
of default for student loans under part D of title IV of the Higher
Education Act of 1965 (20 U.S.C. 1087a et seq.).

SEC. 3. INSTITUTIONAL REBATES TO THE DEPARTMENT OF EDUCATION FOR
DEFAULTED LOANS.

Section 454 of the Higher Education Act of 1965 (20 U.S.C. 1087d)
is amended--
(1) in subsection (a)--
(A) in paragraph (5), by striking ''and'' after the
semicolon;
(B) in paragraph (6), by striking the period at the
end and inserting ''; and''; and
(C) by adding at the end the following:
''(7) provide that the institution accepts the
institutional risk-sharing requirements under subsection (d),
if applicable.''; and
(2) by adding at the end the following:
''(d) Institutional Risk-Sharing for Student Loan Defaults.--
''(1) In general.--Subject to paragraph (3), each
institution of higher education participating in the direct
student loan program under this part for a fiscal year that has
a rate of participation in such program for all students
enrolled at that institution for such fiscal year that is 25
percent or higher shall remit, at such times as the Secretary
may specify, a risk-sharing payment based on a percentage of
the volume of student loans under this part that are in
default, as determined under paragraph (2).
''(2) Determination of risk-sharing payments.--Subject to
paragraph (3), with respect to each fiscal year, an institution
of higher education described in paragraph (1) that has a
cohort default rate (as defined in section 435(m))--
''(A) that is 30 percent or higher for the most
recent fiscal year for which data are available, shall
pay to the Secretary for the fiscal year an amount that
is equal to 20 percent of the total amount (including
interest and collection fees) of loans made under this
part to students who are in default for such most
recent fiscal year for which data are available;
''(B) that is lower than 30 percent but not lower
than 25 percent for the most recent fiscal year for
which data are available, shall pay to the Secretary
for the fiscal year an amount that is equal to 15
percent of the total amount (including interest and
collection fees) of loans made under this part to
students who are in default for such most recent fiscal
year for which data are available;
''(C) that is lower than 25 percent but not lower
than 20 percent for the most recent fiscal year for
which data are available, shall pay to the Secretary
for the fiscal year an amount that is equal to 10
percent of the total amount (including interest and
collection fees) of loans made under this part to
students who are in default for such most recent fiscal
year for which data are available; and
''(D) that is lower than 20 percent but not lower
than 15 percent for the most recent fiscal year for
which data are available, shall pay to the Secretary
for the fiscal year an amount that is equal to 5
percent of the total amount (including interest and
collection fees) of loans made under this part to
students who are in default for such most recent fiscal
year for which data are available.
''(3) Waiver and reduced risk-sharing payments.--
''(A) Waiver.--The Secretary shall waive the risk-
sharing payments described in paragraph (1) for an
institution described in paragraph (2)(D) that meets
the requirements of subparagraph (D).
''(B) Reduced risk-sharing payments.--If an
institution has in place a student loan management plan
described in subparagraph (D) that is approved by the
Secretary, the Secretary shall reduce the total annual
amount of risk-sharing payments as follows:
''(i) With respect to an institution with a
cohort default rate described in paragraph
(2)(A), the risk-sharing payment shall be in an
amount that is equal to 15 percent of the total
amount (including interest and collection fees)
of loans made under this part to students who
are in default.
''(ii) With respect to an institution with
a cohort default rate described in paragraph
(2)(B), the risk-sharing payment shall be in an
amount that is equal to 10 percent of the total
amount (including interest and collection fees)
of loans made under this part to students who
are in default.
''(iii) With respect to an institution with
a cohort default rate described in paragraph
(2)(C), the risk-sharing payment shall be in an
amount that is equal to 5 percent of the total
amount (including interest and collection fees)
of loans made under this part to students who
are in default.
''(C) Continuation of waiver or reduced payments.--
An institution that receives a waiver under
subparagraph (A) or a reduced risk-sharing payment
under subparagraph (B) may receive a waiver or reduced
payment for a subsequent fiscal year only if the
Secretary determines that the institution is making
satisfactory progress in carrying out the student loan
management plan described in subparagraph (D),
including evidence of the effectiveness of the
individualized financial aid counseling for students.
''(D) Student loan management plan.--An institution
that seeks a waiver or reduction of its risk-sharing
payment, shall develop and carry out a student loan
management plan that shall include an analysis of the
risk factors correlated with higher student loan
defaults that are present at the institution and
actions that the institution will take to address such
factors. Such plan shall include individualized
financial aid counseling for students and strategies to
minimize student loan default and delinquency.
''(E) Waiver or reduction for certain
institutions.--In addition to the other risk-sharing
payment waivers and reductions described in this
paragraph, the Secretary may waive or reduce risk-
sharing payments if--
''(i) an institution is eligible under--
''(I) part A or part B of title
III; or
''(II) title V; and
''(ii) the Secretary determines that--
''(I) the institution is making
satisfactory progress in carrying out
the institution's student loan
management plan described under
subparagraph (D); and
''(II) granting a waiver or
reduction of risk-sharing payments
would be in the best interest of
students at the institution.
''(4) Prohibition.--An institution of higher education
shall not deny admission or financial aid to a student based on
a perception that such student may be at risk for defaulting on
a loan made under this part.
''(5) Fund for the deposit of risk-sharing payments.--
''(A) In general.--There is established in the
Treasury of the United States a separate account for
the deposit of risk-sharing payments collected under
this subsection. The Secretary shall deposit any
payments collected pursuant to this subsection into
such fund.
''(B) Use of funds.--Of the amounts in the fund
described in subparagraph (A), for each fiscal year--
''(i) not more than 50 percent of such
amounts shall be made available to the
Secretary to enter into contracts or
cooperative agreements for delinquency and
default prevention or rehabilitation under
section 456(c); and
''(ii) the Secretary shall reserve the
remainder of such amounts for a Federal Pell
Grant fund that shall be used to offset any
future shortfalls in funding under the Federal
Pell Grant program.
''(6) Applicability.--The Secretary shall carry out this
subsection beginning with the cohort default rate for the 2014
cohort. The 2014 cohort shall include current and former
students who enter repayment in fiscal year 2014.
''(7) Report to congress.--The Secretary shall report on an
annual basis to the Committee on Health, Education, Labor, and
Pensions of the Senate and the Committee on Education and the
Workforce of the House of Representatives the following
information:
''(A) A list of institutions that have been subject
to risk-sharing payments in the previous year.
''(B) The required risk-sharing payment from such
institutions.
''(C) The amount of risk-sharing payments collected
from such institutions.
''(D) A list of the institutions that have received
waivers from the risk-sharing payment and the reason
for such waiver.
''(E) A list of the institutions that have received
reductions in the required risk-sharing payment.
''(F) The use of funds deposited from risk-sharing
payments, including a list of any contracts or
cooperative agreements for delinquency and default
prevention or rehabilitation and the amount reserved
for the Federal Pell Grant program.''.

SEC. 4. CONTRACTS AND COOPERATIVE AGREEMENTS.

Section 456 of the Higher Education Act of 1965 (20 U.S.C. 1087f)
is amended by adding at the end the following:
''(c) Contracts and Cooperative Agreements for Delinquency and
Default Prevention and for Default Rehabilitation.--The Secretary may
enter into contracts or cooperative agreements for--
''(1) statewide or institutionally based programs for the
prevention of Federal student loan delinquency and default at
institutions of higher education that--
''(A) have a high cohort default rate as defined
under section 435(m); or
''(B) serve large numbers or percentages of student
loan borrowers who have a risk factor associated with
higher default rates on Federal student loans under
this title, such as coming from a low-income family,
being a first generation postsecondary education
student, not having a secondary school diploma, or
having previously defaulted on, and rehabilitated, a
loan made under this title; and
''(2) increasing the number of borrowers who successfully
rehabilitate defaulted loans.''.

SEC. 5. FINANCIAL RESPONSIBILITY.

Section 498(c)(1) of the Higher Education Act of 1965 (20 U.S.C.
1099c(c)(1)) is amended by striking subparagraph (C) and inserting the
following:
''(C) to meet all of its financial obligations,
including institutional risk-sharing payments, refunds
of institutional charges, and repayments to the
Secretary for liabilities and debts incurred in
programs administered by the Secretary.''.
answer:
Protect Student Borrowers Act of 2015 This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to require institutions of higher education (IHEs) participating in the William D. Ford Federal Direct Loan program to accept specified risk-sharing requirements. For any fiscal year in which at least 25% of the IHE's student body is participating in the Direct Loan program, the IHE must remit a risk-sharing payment (a percentage of the total amount of its defaulted Direct Loans) that declines as the cohort default rate declines. If an IHE develops and implements an approved student loan management plan that includes individualized financial aid counseling for students and strategies to minimize student loan default and delinquency, the Department of Education (ED) must modify the risk-sharing requirements. ED may waive or reduce an IHE's risk-sharing payments in certain other instances. An IHE may not deny admission or financial aid based on a perception that a student may be at risk for defaulting on a Direct Loan. ED may enter into contracts or cooperative agreements for: (1) statewide or institutionally-based programs for the prevention of federal student loan delinquency and default at IHEs that have a high cohort default rate or serve large numbers of students who have a higher risk of defaulting on student loans under title IV, and (2) increasing the number of borrowers who successfully rehabilitate defaulted loans. Risk-sharing payments are to be deposited in a separate account in the Treasury and used as follows: (1) up to 50% for ED to enter into the contracts or cooperative agreements for delinquency and default prevention or rehabilitation, and (2) the remainder to offset any future shortfalls in funding under the Federal Pell Grant program. An IHE's ability to meet its obligation to make risk-sharing payments shall be part of the determination of its eligibility to participate in title IV programs.