Summary: H.R.3474 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for H.R.3474. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (09/10/2015)

Christopher Bryski Student Loan Protection Act or Christopher's Law

This bill amends the Truth in Lending Act to require a private student loan lender to disclose clearly and conspicuously in writing a cosigner's obligations regarding a private student loan. The Consumer Financial Protection Bureau (CFPB) must publish a model form for such disclosure.

The bill prohibits a private student loan lender from taking an adverse action against a borrower (e.g., placing a loan in default or accelerating a loan balance) upon a cosigner's death, disability, or bankruptcy. It also prohibits adverse actions against a cosigner for a borrower's death, disability, or bankruptcy.

The CFPB must establish and a private student loan lender must disclose criteria for releasing a cosigner from a private student loan obligation.

A private student loan lender must also:

  • provide prompt notice of a cosigner's release;
  • allow a borrower to designate a legal representative to make decisions upon the death or disability of such borrower; and
  • ensure a borrower and cosigner receive comprehensive counseling on the terms, conditions, and responsibilities of a private student loan.

Additionally, this bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to expand the required elements of entrance counseling for a federal student loan borrower to include:

  • conditions for loan discharge upon the death or disability of a borrower,
  • options for loan repayment and forgiveness upon the death or disability of a borrower or cosigner, and
  • obligations of a borrower or cosigner upon the death or disability of a borrower.

It requires clear and conspicuous disclosure of a student's option to designate a legal representative to make decisions about a federal student loan upon such student's death or disability.