S. 1831 · 110th Congress
Private Student Loan Disclosure Enhancement Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
SchumerSponsorNo cosponsors.
Private Student Loan Disclosure Enhancement Act of 2007 - Amends the Truth in Lending Act to subject private education loans to its consumer credit disclosure requirements.
What it does: CRS summary · Introduced in Senate · Jul 19, 2007
Private Student Loan Disclosure Enhancement Act of 2007 - Amends the Truth in Lending Act to subject private education loans to its consumer credit disclosure requirements.
Sets forth the private student loan terms and conditions which lenders must clearly and conspicuously disclose to borrowers in any application or solicitation for such a loan and contemporaneously with the approval of a private student loan application. Gives private student loan borrowers 30 days after the loan is approved and the required loan disclosure information is received to accept and consummate the loan transaction.
Subjects lenders to civil liability for violating such requirements. Requires civil actions to be brought within one year after the first monthly payment on the loan becomes due after the borrower leaves school, unless full repayment begins earlier.
Requires private student loan providers, when making the required loan disclosures, to inform borrowers of their possible eligibility for federal educational loans. Requires the Board of Governors of the Federal Reserve System to develop and test a student borrower disclosure statement that encourages students to use federal educational loans and discloses their average interest rate and the fact that they are less costly than private education loans.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Private Student Loan Disclosure Enhancement Act of 2007
Latest action (Jul 19, 2007): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Education · Origin: Senate · Introduced: Jul 19, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.