US Congress House Bill 2542 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on May 21 2015 - 25% progression, died in committee
Action: 2015-05-21 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Bereaved Borrowers' Bill of Rights Act of 2015 Amends the Truth in Lending Act to require a private educational lender to include in a private education loan for which the cosigner is jointly liable a process for releasing the cosigner from obligations on the loan. Requires a lender who receives notification of the death or bankruptcy of a cosigner who is jointly liable for the loan to notify the borrower about the borrower's rights under the loan agreement regarding: (1) release of the cosigner, and (2) identification of a new cosigner or refinancing of the loan. Amends the Fair Credit Reporting Act to prohibit: (1) consumer reporting agencies from containing in any consumer report default on a private education loan that results from accelerated repayment terms of the loan after the death or bankruptcy of a jointly liable cosigner, and (2) the lender or servicer of a private educational loan from furnishing loan information to a consumer reporting agency if the consumer defaulted on the loan due to accelerated repayment terms after the death or bankruptcy of such a cosigner.

Bereaved Borrowers' Bill of Rights Act of 2015

Rep. Rick Larsen [D-WA]

Date	Chamber	Action
2015-05-21	House	Referred to the House Committee on Financial Services.
2015-05-21	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/2542/all-info
Text	https://www.congress.gov/114/bills/hr2542/BILLS-114hr2542ih.pdf