S.1773 - Andrew's Law113th Congress (2013-2014)
|Sponsor:||Sen. Schumer, Charles E. [D-NY] (Introduced 11/21/2013)|
|Committees:||Senate - Health, Education, Labor, and Pensions|
|Latest Action:||11/21/2013 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (All Actions)|
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- Finance and Financial Sector
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Summary: S.1773 — 113th Congress (2013-2014)All Bill Information (Except Text)
Introduced in Senate (11/21/2013)
Andrew Prior Act or Andrew's Law - Amends the Truth in Lending Act to discharge the repayment obligations of the estate of a borrower and any cosigner of a private educational loan if the borrower dies or is totally and permanently disabled.
Requires the Director of the Consumer Financial Protection Bureau (CFPB) to develop necessary and appropriate safeguards to prevent fraud and abuse in the discharge of those obligations.
Authorizes the Director to promulgate regulations to reinstate those obligations in any case in which the Director determines that doing so is necessary to protect the public interest.