[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6150 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 6150

   To amend the Truth in Lending Act to prohibit private educational 
lenders from requiring accelerated repayment of private education loans 
        upon the death or disability of a cosigner of the loan.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 22, 2016

  Mr. Kildee introduced the following bill; which was referred to the 
                    Committee on Financial Services

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                                 A BILL


 
   To amend the Truth in Lending Act to prohibit private educational 
lenders from requiring accelerated repayment of private education loans 
        upon the death or disability of a cosigner of the loan.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Student Debt Repayment Fairness 
Act''.

SEC. 2. PROHIBITION ON REQUIRING FULL REPAYMENT OF PRIVATE EDUCATION 
              LOAN UPON DEATH OR DISABILITY OF COSIGNER.

    Section 140 of the Truth in Lending Act (15 U.S.C. 1650) is amended 
by adding at the end the following new subsection:
    ``(g) Prohibition on Accelerating Repayment Upon Death or 
Disability of a Cosigner on a Private Education Loan.--
            ``(1) In general.--If a cosigner who is jointly liable on a 
        private education loan is unable to fulfill any obligations 
        with respect to the loan by reason of death or disability of 
        the cosignor, the private educational lender may not accelerate 
        the repayment terms of any outstanding obligation if the 
        borrower is in good standing (as determined by the Bureau) with 
        respect to the loan.
            ``(2) Disability defined.--In this subsection, the term 
        `disability' means a permanent and total disability, as 
        determined in accordance with the regulations of the Secretary 
        of Education under section 437(a) of the Higher Education Act 
        of 1965 (20 U.S.C. 1087(a)), or a determination by the 
        Secretary of Veterans Affairs that the individual is 
        unemployable due to a service-connected condition.''.
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