3.0.0 1831 2023-01-11T20:41:35Z 2023-01-11T20:41:35Z Senate S S 2007-07-19 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2007-07-19T21:21:56Z 2007-07-19 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2007-07-19 Introduced in Senate IntroReferral 10000 9 Library of Congress S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. N Education Administrative procedure Civil actions and liability Collection of accounts Commerce Consumer education Debtor and creditor Economics and Public Finance Federal Reserve System Federally-guaranteed loans Fees Finance and Financial Sector Finance charges Government Operations and Politics Government lending Higher education Interest Interest rates Law Liability (Law) Limitation of actions Student loan funds Education 00 2007-07-19 Introduced in Senate 2007-09-27T15:39:42Z 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.

]]> Private Student Loan Disclosure Enhancement Act of 2007 Official Title as Introduced A bill to amend the Truth in Lending Act, to improve disclosures for private student loans, and for other purposes. Introduced in Senate IS Display Title Private Student Loan Disclosure Enhancement Act of 2007 Short Titles as Introduced Private Student Loan Disclosure Enhancement Act of 2007 Introduced in Senate 2007-07-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1831is/xml/BILLS-110s1831is.xml 2007-07-19 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.