Christopher Bryski Student Loan Protection Act and Christopher's Law - (Sec. 2) Amends the Truth in Lending Act to require institutions of higher education (IHEs) that provide student loan counseling to new borrowers and cosigners at the time of any student loan application, origination, or consolidation, or at the time the cosigner assumes responsibility for repayment, to include information on creating a durable power of attorney for financial decisionmaking.
Requires private educational lenders to provide borrowers and cosigners of student loans with that information at the time of loan application.
Requires lenders of private educational loans for which cosigners are held jointly liable 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.
Directs the Board of Governors of the Federal Reserve System to publish model forms for the information this Act requires to be provided regarding: (1) the creation of a durable power of attorney; and (2) a cosigner's obligation.
(Sec. 3) Amends the Higher Education Act of 1965 to require IHEs to provide borrowers of federal educational loans information at their entrance counseling regarding: (1) the effect their death, disability, or inability to engage in any substantial gainful activity would have on their federal and private educational loans; and (2) their state's model form, published by the Board of Governors of the Federal Reserve System, for creating a durable power of attorney.
Introduced in House
Introduced in House
Referred to House Financial Services
Referred to the Committee on Financial Services, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to House Education and Labor
Mr. Adler (NJ) moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H7077-7079)
DEBATE - The House proceeded with forty minutes of debate on H.R. 5458.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H7078)
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7078)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
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