3.0.0 2894 2022-02-03T05:10:20Z 2022-02-03T05:10:20Z Senate S S 2008-04-21 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Reported original measure 2008-04-21T20:32:18Z S. Rept. 110-327 2008-04-21 Senate Placed on Senate Legislative Calendar under General Orders. Calendar No. 702. Calendars 2008-04-21 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Committee on Banking, Housing, and Urban Affairs. Original measure reported to Senate by Senator Dodd. With written report No. 110-327. Committee 2008-04-21 Committee on Banking, Housing, and Urban Affairs. Original measure reported to Senate by Senator Dodd. With written report No. 110-327. Committee 14000 9 Library of Congress ssbk00 Banking, Housing, and Urban Affairs Committee 2008-04-21 Introduced in Senate IntroReferral 10000 9 Library of Congress D000388 Sen. Dodd, Christopher J. [D-CT] CHRISTOPHER DODD D CT JOHN N Finance and Financial Sector Black colleges College administration College costs Commerce Community development banking Conflict of interests Congress Congressional investigations Congressional reporting requirements Consumer credit Consumer education Debtor and creditor Education Emblems Gifts Government Operations and Politics Higher education Law Liability (Law) Minorities Personal budgets Restrictive trade practices School personnel Signs and symbols Student aid Student loan funds Students Finance and Financial Sector 00 2008-04-21 Introduced in Senate 2008-04-29T21:39:21Z Private Student Loan Transparency and Improvement Act of 2007 - Amends the Truth in Lending Act to prohibit a private educational lender from: (1) offering or providing any gift to specified educational institutions or their personnel in exchange for any advantage or consideration provided to such lender related to its educational loan activities; or (2) engaging in revenue sharing with such institutions.

Prohibits such lender from marketing loans in any way that implies the institution endorses the lender's private educational loans (co-branding).

Prohibits an employee in the financial aid office of an educational institution who has responsibilities regarding financial aid, and also serves on an advisory group established by a lender, from receiving anything of value from such lender.

States it is unlawful for a lender to impose a fee or penalty for early repayment or prepayment of any private educational loan.

Sets forth mandatory terms and disclosures governing private educational loans.

Requires the lender to disclose before the loan transaction is consummated the terms governing the interest rate and payments.

Requires the appropriate federal financial supervisory agency to give a private educational lender credit toward meeting community credit needs, for purposes of the Community Reinvestment Act of 1977, for making low-cost private educational loans to low-income borrowers.

Directs the Secretary of the Treasury to engage in specified coordinated education efforts to enhance financial literacy among students at institutions of higher education.

Directs the Comptroller General to study and report to Congress on the impact on borrowers of the inclusion of nonindividual factors, including cohort default rate, accreditation, and graduation rate at institutions of higher education, used in the underwriting criteria to determine the pricing of private educational loans.

]]> 80 2008-04-21 Reported to Senate without amendment 2008-08-26T16:08:31Z (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Private Student Loan Transparency and Improvement Act of 2007 - Title I: Preventing Unfair and Deceptive Private Educational Lending Practices and Eliminating Conflicts of Interest - (Sec. 101) Amends the Truth in Lending Act to prohibit a private educational lender from: (1) offering or providing any gift to specified educational institutions or their personnel in exchange for any advantage or consideration provided to such lender related to its educational loan activities; or (2) engaging in revenue sharing with such institutions.

Prohibits such lender from marketing loans in any way that implies the institution endorses the lender's private educational loans (co-branding).

Prohibits an employee in the financial aid office of an educational institution who has responsibilities regarding financial aid, and also serves on an advisory group established by a lender, from receiving anything of value from such lender.

States it is unlawful for a lender to impose a fee or penalty for early repayment or prepayment of any private educational loan.

Subjects violations of this Act to civil liability.

Title II: Improved Disclosures for Private Educational Loans - (Sec. 201) Sets forth mandatory terms and disclosures governing private educational loans, including applications and solicitations without the requirement of an application.

Requires the lender to disclose before the loan transaction is consummated the terms governing the interest rate and payments.

Applies the Truth in Lending Act to all private educational loans.

Title III: College Affordability - (Sec. 301) Requires the appropriate federal financial supervisory agency to give a private educational lender credit toward meeting community credit needs, for purposes of the Community Reinvestment Act of 1977, for making low-cost private educational loans to low-income borrowers.

Title IV: Financial Literacy (Sec. 401) Directs the Secretary of the Treasury to engage in specified coordinated education efforts to enhance financial literacy among students at institutions of higher education.

Directs the Financial Literacy and Education Commission to report to Congress on the state of financial education among students at institutions of higher education.

Title V: Study and Report on Nonindividual Information - (Sec. 501) Directs the Comptroller General to study and report to Congress on the impact on borrowers of the inclusion of nonindividual factors, including cohort default rate, accreditation, and graduation rate at institutions of higher education, used in the underwriting criteria to determine the pricing of private educational loans.

Requires such study to examine: (1) whether and to what extent the inclusion of nonindividual factors increases access to such loans for borrowers who lack credit history; or results in less favorable rates for them; and (2) affects the types of private educational loan products and rates available at certain institutions of higher education.

Requires also an assessment of the extent to which the use of nonindividual factors in underwriting may have a disparate impact on the pricing of private educational loans, based on gender, race, income level, and institution of higher education.

]]> Private Student Loan Transparency and Improvement Act of 2007 Short Titles as Introduced Private Student Loan Transparency and Improvement Act of 2007 Short Titles as Reported to Senate Private Student Loan Transparency and Improvement Act of 2007 S Senate Display Title Private Student Loan Transparency and Improvement Act of 2007 Official Title as Introduced An original bill to establish requirements for private lenders to protect student borrowers receiving private educational loans, and for other purposes. Placed on Calendar Senate 2008-04-21T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2894pcs/xml/BILLS-110s2894pcs.xml 2008-04-21 Placed on Senate Legislative Calendar under General Orders. Calendar No. 702. 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.