H.R.4511 - Protecting Students From Automatic Default Act of 2014113th Congress (2013-2014)
|Sponsor:||Rep. Bishop, Timothy H. [D-NY-1] (Introduced 04/29/2014)|
|Committees:||House - Financial Services|
|Latest Action:||House - 04/29/2014 Referred to the House Committee on Financial Services. (All Actions)|
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Summary: H.R.4511 — 113th Congress (2013-2014)All Information (Except Text)
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.