Summary: H.R.4511 — 113th Congress (2013-2014)All Information (Except Text)

There is one summary for H.R.4511. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (04/29/2014)

Protecting Students From Automatic Default Act of 2014 - Amends the Truth in Lending Act to require a private educational lender to notify a borrower immediately if, upon receiving notification of the death or bankruptcy of a cosigner jointly liable for the private education loan, the lender deems the borrower to be in default, changes the terms of the loan, or accelerates the loan's repayment terms.

Requires a private educational lender to give a borrower at least 90 days after such a notification to identify a new cosigner for that loan. Retains the lender's right to renegotiate loan terms based on the creditworthiness of the new cosigner.