H.R.4643 - Bereaved Borrowers' Bill of Rights Act of 2014113th Congress (2013-2014)
|Sponsor:||Rep. Larsen, Rick [D-WA-2] (Introduced 05/09/2014)|
|Committees:||House - Financial Services|
|Latest Action:||House - 05/09/2014 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
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Summary: H.R.4643 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in House (05/09/2014)
Bereaved Borrowers' Bill of Rights Act of 2014 - Amends the Truth in Lending Act to require a private educational lender to include in a private education loan for which the cosigner is jointly liable a process for releasing the cosigner from obligations on such loan.
Requires a lender who receives notification of the death or bankruptcy of a cosigner who is jointly liable for the loan to notify the borrower about the borrower's rights under the loan agreement regarding: (1) release of the cosigner, and (2) identification of a new cosigner or refinancing of the loan.
Amends the Fair Credit Reporting Act to prohibit: (1) consumer reporting agencies from containing in any consumer report default on a private education loan that results from accelerated repayment terms of the loan after the death or bankruptcy of a jointly liable cosigner, and (2) the lender or servicer of a private educational loan from furnishing loan information to a consumer reporting agency if the consumer defaulted on the loan due to accelerated repayment terms after the death or bankruptcy of such a cosigner.