Christopher's Law

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 10 September 2015

   Introduced

   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.

   Source: IntroReferral

2. 10 September 2015

   Introduced

   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.

   Source: IntroReferral

3. 10 September 2015

   Introduced

   Introduced in House

   Source: IntroReferral

4. 10 September 2015

   Introduced

   Introduced in House

   Source: IntroReferral

5. 23 March 2016

   Referred

   Referred to the Subcommittee on Higher Education and Workforce Training.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 10 September 2015 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 10 September 2015

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 10 September 2015

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 10 September 2015

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  Vertaal document

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Sponsors

• Rep. Pascrell, Bill, Jr. [D-NJ-9] · D · Sponsor
• Rep. Kaptur, Marcy [D-OH-9] · D · Cosponsor
• Rep. Watson Coleman, Bonnie [D-NJ-12] · D · Cosponsor
• Rep. Payne, Donald M., Jr. [D-NJ-10] · D · Cosponsor
• Rep. Pallone, Frank [D-NJ-6] · D · Cosponsor
• · hsed00 · Standing
• · hsba00 · Standing

Related records

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