H.R.3240 - Christopher's Law112th Congress (2011-2012)
|Sponsor:||Rep. Pascrell, Bill, Jr. [D-NJ-8] (Introduced 10/21/2011)|
|Committees:||House - Financial Services; Education and the Workforce|
|Latest Action:||House - 01/12/2012 Referred to the Subcommittee on Financial Institutions and Consumer Credit. (All Actions)|
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Summary: H.R.3240 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in House (10/21/2011)
Christopher Bryski Student Loan Protection Act or Christopher's Law - Amends the Truth in Lending Act to require lenders of private educational loans for which cosigners are held jointly liable to describe clearly and conspicuously, in writing, the cosigners' obligations regarding such loans, including the effect a borrower's or cosigner's death, disability, or inability to engage in any substantial gainful activity would have on such obligations.
Directs the Consumer Financial Protection Bureau (CFPB) to publish a model form for describing those obligations.
Amends the Higher Education Act of 1965 to require institutions of higher education to provide borrowers of federal educational loans information at their entrance counseling on the effect their death, disability, or inability to engage in any substantial gainful activity would have on their federal and private educational loans.