H.R. 3948 · 114th Congress
Student Loan Transfers Disclosure Act of 2015
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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DeutchSponsor10 cosponsors · 10 D
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Frankel
FW
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Wilson
JC
D
Chu
JS
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Serrano
MB
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Bordallo
LG
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Gutiérrez
EN
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Norton
ES
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Swalwell
RN
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Nolan
MD
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DeSaulnier0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Truth in Lending Act and the Higher Education Act of 1965 to establish requirements related to the transfer of servicing of postsecondary education loans. "Transfer of servicing" refers to the assignment, sale, or transfer of student loan servicing from one servicer to another.
What it does: CRS summary · Introduced in House · Nov 5, 2015
Student Loan Transfers Disclosure Act of 2015
This bill amends the Truth in Lending Act and the Higher Education Act of 1965 to establish requirements related to the transfer of servicing of postsecondary education loans. "Transfer of servicing" refers to the assignment, sale, or transfer of student loan servicing from one servicer to another.
A postsecondary education lender must disclose to each loan applicant, at the time of application, whether there may be a transfer of servicing of the loan.
Both the transferor servicer and the transferee servicer must provide specified notice of a transfer to the borrower within a certain timeframe.
Loan payments improperly received by the transferor servicer instead of the transferee servicer (or vice versa) during the transfer period may not be treated as late.
A transferee servicer shall make available a simple, online process through which the borrower may transfer any electronic fund transfer authority that the borrower had provided to the transferor servicer.
The Consumer Financial Protection Bureau is authorized to establish regulations and grant reasonable exceptions in accordance with the bill. A lender shall not be liable to a borrower for failure to comply with the bill's disclosure and notice requirements with respect to events that occur before such regulations take effect.
As a condition of eligibility for certain federal funding, an institution of higher education must ensure compliance with the bill's requirements.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Student Loan Transfers Disclosure Act of 2015
Latest action (Mar 23, 2016): Referred to the Subcommittee on Higher Education and Workforce Training.
Policy area: Education · Origin: House · Introduced: Nov 5, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.