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Christopher Bryski Student Loan Protection Act

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8/1/2013--Introduced. Christopher Bryski Student Loan Protection Act or Christopher's Law - Amends the Truth in Lending Act to require lenders of private education loans to: describe clearly and conspicuously, in writing, the cosigners' obligations...[more]

Sponsor

  • Rep. Bill Pascrell Jr. [D, NJ-9]

Cosponsors (1)

  • Rep. Jon Runyan [R, NJ-3]

Sponsor: Rep. Bill Pascrell (D-NJ)

Summary:

Would amend the Truth in Lending Act to require lenders of private education loans to:

  • describe clearly and conspicuously, in writing, the cosigners' obligations regarding such loans, including the effect a borrower's or cosigner's death, disability, or inability to engage in any substantial gainful activity would have on such obligations;
  • require the borrower to designate an individual to have the legal authority to act on behalf of the borrower in the event of the borrower's death, disability, or inability to engage in any substantial gainful activity; and
  • ensure that the borrower, and any cosigner, receives comprehensive information on the loan's terms and conditions and the borrower's responsibilities with respect to such loan.
Talking Points:

Private loan requirements.

Status:

8/1/13 – Introduced and referred to the Ed and Workforce Cmte. and Financial Services Cmte. 

9/13/13 – referred to the Subcommittee on Higher Education and Workforce Training.