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SECTION 1. SHORT TITLE; FINDINGS.

(a) Short Title.--This Act may be cited as the ''Christopher Bryski
Student Loan Protection Act'' or ''Christopher's Law''.
(b) Findings.--Congress finds the following:
(1) According to the Bureau of Consumer Financial
Protection (hereafter referred to as the ''CFPB'') Student Loan
Ombudsman:
(A) ''The CFPB received more than 3,100 private
student loan complaints and approximately 1,100 debt
collection complaints related to student loans between
October 1, 2014, and March 31, 2015.''.
(B) ''Co-signers complain that information about
discharge or alternative arrangements in the case of
death of the primary borrower is not readily available
and that decisions are made on a case-by-case basis,
giving co-signers little understanding of how the
process works, or if they will be successful.''.
(C) ''The complaints and input received by the CFPB
resemble many of the same issues experienced by
mortgage borrowers, such as improper application of
payments, untimeliness in error resolution, and
inability to contact appropriate personnel in times of
hardship.''.
(D) ''The difference between federal and private
student loans in periods of disability was not well-
understood.''.
(2) An estimated 1,700,000 people sustain a traumatic brain
injury each year, with older adolescents aged 15 to 19 years
old more likely to sustain a traumatic brain injury than other
age groups.
(3) It has been estimated that the annual incidence of
spinal cord injury, not including those who die at the scene of
an accident, is approximately 40 cases per 1,000,000 people in
the United States or approximately 12,000 new cases each year.
These injuries can lead to permanent disability or loss of
movement and can prohibit the victim from engaging in any
substantial gainful activity.
(4) According to the CFPB, more than 90 percent of new
private student loans are co-signed.
(5) According to the CFPB, private student loan companies
provide co-signer release to less than 1 percent of eligible
borrowers.

SEC. 2. ADDITIONAL STUDENT LOAN PROTECTIONS.

(a) In General.--Section 140 of the Truth in Lending Act (15 U.S.C.
1650) is amended by adding at the end the following:
''(g) Additional Protections Relating to Borrower or Co-Signer of a
Private Education Loan.--
''(1) Clear and conspicuous description of borrower's and
co-signer's obligation.--In the case of any private educational
lender who extends a private education loan, the lender shall
clearly and conspicuously describe, in writing, the co-signer's
obligations with respect to the loan, including the effect the
death, disability, or inability to engage in any substantial
gainful activity of the borrower or any co-signer would have on
any such obligation, in language that the Bureau determines
would give a reasonable person a reasonable understanding of
the obligation being assumed by becoming a co-signer for the
loan.
''(2) Prohibition on automatic default with respect to a
performing loan.--
''(A) Death, disability, or bankruptcy of co-
signer.--If a private education loan includes a co-
signer, a private educational lender may not take any
adverse action (including declaring a default,
accelerating any loan obligation, increasing the
interest rate, or altering any obligations under the
private education loan in a way that is adverse to the
borrower) against the borrower based on the death,
disability, or inability to engage in any substantial
gainful activity or bankruptcy of a co-signer.
''(B) Death, disability, or bankruptcy of
borrower.--If a private education loan includes a co-
signer, a private educational lender may not take any
adverse action (including declaring a default,
accelerating any loan obligation, increasing the
interest rate, or altering any obligations under the
private education loan in a way that is adverse to any
co-signer) against the co-signer based on the death,
disability, or inability to engage in any substantial
gainful activity, or bankruptcy of the borrower.
''(3) Co-signer release.--
''(A) Requirements for automatic release of co-
signer.--
''(i) Criteria established by the bureau.--
Not later than 180 days after the date of
enactment of this subsection, the Bureau shall
establish criteria, which if met by the
borrower of a private education loan, the
private educational lender or servicer of the
private education loan shall promptly release
any co-signer from the obligations of the co-
signer under the loan without requiring any
action on behalf of the borrower.
''(ii) Criteria established by lender.--A
private educational lender may establish
criteria for automatic release that are
different from the criteria described in clause
(i) if the criteria established by the lender
are not more restrictive with respect to the
borrower or any co-signer of the private
education loan than the criteria established
under clause (i).
''(B) Disclosure of criteria for co-signer
release.--A private educational lender shall--
''(i) include in the promissory note of a
private education loan the criteria under which
a co-signer may be released from the obligation
of the co-signer under a private education loan
under this subparagraph; and
''(ii) disclose to the borrower and any co-
signer at the time the private education loan
is consummated, clearly and conspicuously, the
criteria under which a co-signer may be
released from the obligation of the co-signer
under a private education loan.
''(C) Modifications to criteria.--The private
educational lender, or servicer of a private education
loan, as applicable, may not modify the criteria under
which a co-signer may be released from the obligation
of the co-signer under a private education loan if the
modification would be adverse to the borrower without
the consent of the borrower and applicable co-signer.
''(D) Notification on release.--A private
educational lender, or servicer, as applicable, shall
promptly notify the borrower and any co-signers for a
private education loan if a co-signer is released from
the obligations of the co-signer under the private
education loan under this subparagraph.
''(E) Modification of evaluation of
creditworthiness, credit standing, or credit
capacity.--In determining whether the criteria for a
co-signer release are met, a private educational lender
or servicer of a private education loan, as applicable,
may not evaluate the creditworthiness, credit standing,
or credit capacity of the borrower or a co-signer of
the private education loan using a standard that would
be more adverse to the borrower or co-signer, as
applicable, than the standard the private educational
lender used to evaluate the creditworthiness, credit
standing, or credit capacity of the borrower or co-
signer on the date on which the private education loan
was consummated.
''(4) Designation of individual to act on behalf of the
borrower.--In the case of any private educational lender who
extends a private education loan, the lender shall provide the
borrower an option to designate an individual to have the legal
authority to act on behalf of the borrower with respect to the
private education loan in the event of the borrower's death,
disability, or inability to engage in any substantial gainful
activity.
''(5) Counseling.--In the case of any private educational
lender who extends a private education loan, the lender shall
ensure that the borrower, and any co-signer, receives
comprehensive information on the terms and conditions of the
loan and of the responsibilities the borrower has with respect
to such loan, including the information described under
subparagraphs (H), (I), (K), (L), (M), and (N) of section
485(l)(2) of the Higher Education Act of 1965 (20 U.S.C.
1092(l)(2)).
''(6) Model form.--The Bureau shall publish a model form
under section 105 for describing a co-signer's obligation for
purposes of paragraph (1).
''(7) Definition of death, disability, or inability to
engage in any substantial gainful activity.--For the purposes
of this subsection with respect to a borrower or co-signer, the
term 'death, disability, or inability to engage in any
substantial gainful activity'--
''(A) means any condition described in section
437(a) of the Higher Education Act of 1965 (20 U.S.C.
1087(a)); and
''(B) shall be interpreted by the Bureau in such a
manner as to conform with the regulations prescribed by
the Secretary of Education under section 437(a) of such
Act (20 U.S.C. 1087(a)) to the fullest extent
practicable, including safeguards to prevent fraud and
abuse.''.
(b) Definitions.--Subsection (a) of section 140 of the Truth in
Lending Act (15 U.S.C. 1650(a)) is amended--
(1) by redesignating paragraphs (1) through (8) as
paragraphs (2) through (9), respectively; and
(2) by inserting before paragraph (2) (as redesignated by
paragraph (1)) the following:
''(1) the term 'co-signer'--
''(A) means any individual who is liable for the
obligation of another without compensation, regardless
of how designated in the contract or instrument;
''(B) includes any person whose signature is
requested as condition to grant credit or to forbear on
collection; and
''(C) does not include a spouse of an individual
referred to in subparagraph (A) whose signature is
needed to perfect the security interest in the loan;''.
(c) Rulemaking.--Not later than the end of the 1-year period
following the date of the enactment of this Act, the Bureau of Consumer
Financial Protection shall issue regulations to carry out section
140(g) of the Truth in Lending Act.

SEC. 3. FEDERAL STUDENT LOANS.

(a) Counseling Information.--Section 485(l)(2) of the Higher
Education Act of 1965 (20 U.S.C. 1092(l)(2)) is amended by adding at
the end the following:
''(L) Information on the conditions required to
discharge the loan due to the death, disability, or
inability to engage in any substantial gainful activity
of the borrower in accordance with section 437(a).
''(M) Any repayment, refinance, deferment,
forbearance, or forgiveness opportunities available to
the borrower, or co-signer, in the event of either
individual's death, disability, or inability to engage
in any substantial gainful activity.
''(N) The effect that the death, disability, or
inability to engage in any substantial gainful activity
of the borrower would have on the obligations of the
borrower and any co-signer of the loan.''.
(b) Designation of Individual To Act on Behalf of the Borrower.--
Section 484 of the Higher Education Act of 1965 (20 U.S.C. 1091) is
amended--
(1) in subsection (a), by striking paragraph (4) and
inserting the following:
''(4) file with the Secretary, as part of the original
financial aid application process, a certification, which need
not be notarized, but which--
''(A) shall include--
''(i) a statement of educational purpose
stating that the money attributable to such
grant, loan, or loan guarantee will be used
solely for expenses related to attendance or
continued attendance at such institution; and
''(ii) such student's social security
number; and
''(B) may include a designation by such student of
an individual who shall have the legal authority to act
on behalf of the student with respect to any loan to
the student under this title in the event of the
student's death, disability, or inability to engage in
any substantial gainful activity;''; and
(2) by adding at the end the following:
''(u) Option To Designate Individual To Act on Behalf of the
Borrower in Clear and Conspicuous Manner.--The option for a student to
make a designation described in subsection (a)(4)(B) shall be provided
in a clear and conspicuous manner to the student.''.

SEC. 4. RULE OF CONSTRUCTION.

Nothing in this Act, or an amendment made by this Act, shall be
construed to adversely affect the eligibility of a student to receive
any grant, loan, or work assistance under part C or part G of title IV
of the Higher Education Act of 1965 (42 U.S.C. 2751 et seq. and 20
U.S.C. 1088 et seq.) based on a designation, or lack thereof, under
section 484(a)(4)(B) of that Act, as added by section 3(b) of this Act.
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.