Student Loan Transfers Disclosure Act of 2015

Summary

Student Loan Transfers Disclosure Act of 2015 This bill amends the Truth in Lending Act and the Higher Education Act of 1965 to establish requirements related to the transfer of servicing of postsecondary education loans. "Transfer of servicing" refers to the assignment, sale, or transfer of student loan servicing from one servicer to another. A postsecondary education lender must disclose to each loan applicant, at the time of application, whether there may be a transfer of servicing of the loan. Both the transferor servicer and the transferee servicer must provide specified notice of a transfer to the borrower within a certain timeframe. Loan payments improperly received by the transferor servicer instead of the transferee servicer (or vice versa) during the transfer period may not be treated as late. A transferee servicer shall make available a simple, online process through which the borrower may transfer any electronic fund transfer authority that the borrower had provided to the transferor servicer. The Consumer Financial Protection Bureau is authorized to establish regulations and grant reasonable exceptions in accordance with the bill. A lender shall not be liable to a borrower for failure to comply with the bill's disclosure and notice requirements with respect to events that occur before such regulations take effect. As a condition of eligibility for certain federal funding, an institution of higher education must ensure compliance with the bill's requirements.

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

Timeline

1. 5 November 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. 5 November 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. 5 November 2015

   Introduced

   Introduced in House

   Source: IntroReferral

4. 5 November 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 · 5 November 2015 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 5 November 2015

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 5 November 2015

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 5 November 2015

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  Leesvertaling

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  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Deutch, Theodore E. [D-FL-22] · D · Sponsor
• Rep. Wilson, Frederica S. [D-FL-24] · D · Cosponsor
• Rep. Frankel, Lois [D-FL-22] · D · Cosponsor
• Rep. Chu, Judy [D-CA-28] · D · Cosponsor
• Rep. Serrano, Jose E. [D-NY-15] · D · Cosponsor
• Del. Bordallo, Madeleine Z. [D-GU-At Large] · D · Cosponsor
• Rep. Gutierrez, Luis V. [D-IL-4] · D · Cosponsor
• Del. Norton, Eleanor Holmes [D-DC-At Large] · D · Cosponsor
• Rep. Swalwell, Eric [D-CA-15] · D · Cosponsor
• Rep. Nolan, Richard M. [D-MN-8] · D · Cosponsor
• Rep. DeSaulnier, Mark [D-CA-10] · D · Cosponsor
• · hsed00 · Standing
• · hsba00 · Standing

Related records

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