3.0.0 3948 2023-01-11T13:29:26Z 2023-01-11T13:29:26Z House HR 2015-11-05 114 [Congressional Record Volume 161, Number 165 (Thursday, November 5, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. DEUTCH:H.R. 3948.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the U.S. Constitution[Page H8153]]]> hsed00 Education and the Workforce Committee House Standing hsed13 Higher Education and Workforce Development Subcomittee Referred to 2016-03-23T21:09:36Z Referred to 2015-11-05T14:07:20Z hsba00 Financial Services Committee House Standing Referred to 2015-11-05T14:07:15Z 2016-03-23 hsed13 Higher Education and Workforce Development Subcomittee 1 House committee actions Referred to the Subcommittee on Higher Education and Workforce Training. Committee 2015-11-05 Referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, 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. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2015-11-05 Referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, 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. IntroReferral H11100-A 9 Library of Congress 2015-11-05 Referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, 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. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2015-11-05 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-11-05 Introduced in House IntroReferral 1000 9 Library of Congress D000610 Rep. Deutch, Theodore E. [D-FL-21] Theodore Deutch D FL E. 21 N W000808 Rep. Wilson, Frederica S. [D-FL-24] Frederica Wilson D FL S. 24 2015-12-15 False F000462 Rep. Frankel, Lois [D-FL-22] Lois Frankel D FL 22 2015-12-15 False C001080 Rep. Chu, Judy [D-CA-27] Judy Chu D CA 27 2016-02-08 False S000248 Rep. Serrano, Jose E. [D-NY-15] JOSE SERRANO D NY E. 15 2016-02-08 False B001245 Del. Bordallo, Madeleine Z. [D-GU-At Large] Madeleine Bordallo D GU Z. 0 2016-02-09 False G000535 Rep. Gutierrez, Luis V. [D-IL-4] LUIS GUTIERREZ D IL V. 4 2016-02-10 False N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES 0 2016-02-10 False S001193 Rep. Swalwell, Eric [D-CA-15] Eric Swalwell D CA 15 2016-02-10 False N000127 Rep. Nolan, Richard M. [D-MN-8] RICHARD NOLAN D MN 8 2016-03-14 False D000623 Rep. DeSaulnier, Mark [D-CA-11] Mark DeSaulnier D CA 11 2016-04-18 False Education Administrative law and regulatory procedures Consumer Financial Protection Bureau Consumer affairs Higher education Student aid and college costs Education 00 2015-11-05 Introduced in House 2016-09-15T21:34:54Z 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.

]]> Student Loan Transfers Disclosure Act of 2015 Display Title Student Loan Transfers Disclosure Act of 2015 Official Title as Introduced To amend the Truth in Lending Act to include requirements for the transfer of servicing of postsecondary education loans, and for other purposes. Introduced in House IH Short Titles as Introduced Student Loan Transfers Disclosure Act of 2015 Introduced in House 2015-11-05T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr3948ih/xml/BILLS-114hr3948ih.xml 2016-03-23 Referred to the Subcommittee on Higher Education and Workforce Training. 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.